The Employees’ Provident Fund Organisation (EPFO) refers to a body that is non-constitutional and launches various schemes that help employees save funds for their retirement. Established in 1951, the organization comes under the purview of the Ministry of Labour and Employment, Government of India.
The valuable employee-welfare schemes launched by EPFO are meant for both national and international workers (countries that have a bilateral agreement with EPFO).
EPFO’s Provisional Payroll Data 2024
Employee Provident Fund Organization is a government-run fund organization that collects funds from employees working in both public and private sector companies across the nation. According to recently released data by the retirement fund body, it has added 16.02 lakh new members in the month of January 2024. It is interesting to note that a whopping 8.08 lakh were the first-time enrollers in the month of January, according to a statement made by the labor ministry.
Though the inclusion of new members is nothing new in this category, one unique aspect of this data is that it shows that nearly 56% of the members are between the ages of 18 and 25. It means that many are first-time earners who showed immense focus on savings for their retirement and other priorities at the beginning of their careers.
The payroll information also highlights the flexibility of the body’s members, with nearly 12.17 lakh members current and later rejoining EPFO. These registered members chose to move their savings while acquiring new jobs, emphasizing a tactical approach towards preserving their long-term financial health and outspreading social security defence.
In terms of gender-based registration, among 8.08 lakh new members, nearly 2 lakh are female. In addition, the clear inclusion of female members during January was nearly 3.03 lakh. This staggering figure clearly underpins the monumental shift towards a more unified and varied workforce but also highlights the efforts that have been put into gender inclusion in EPFO-centric contribution.
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A month-wise comparison of the available data was done which indicates a phenomenal growth in regard to the no. of enrolled members across all industrial sectors including marketing, manufacturing, IT, service, healthcare, and others. A total of 40.71% of the overall addition of members is attributed to expert services, inclusive of general contractors, human resources, security services, and other activities.
One thing to keep in mind is that the available payroll data stands provisional and the organization has been working tirelessly to update the information in the best possible way.
The Employees Provident Fund Organisation (EPFO) has been updating the monthly payroll data from 2018 which includes the information updated from 2017 onwards. The information contains data of new members who joined EPFO first time through their Aadhaar-validated Universal Account Numbers (UAN), current members leaving EPFO exposure, and the ones rejoining as members after a short break. The released data gives extremely valuable insights into the overall monthly payroll statistics.
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