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Payroll Data: EPFO adds 16.02 lakh net members during January 2024

Context

The news highlights EPFO’s provisional data for January 2024, showing 16.02 lakh net member additions, with significant youth representation and growth in various industries.

Additional information on this news:

• In January 2024, EPFO added 16.02 lakh net members, with 8.08 lakh new enrollments.
• The 18-25 age group constituted 56.41% of new members, indicating a significant presence of youth in the organized workforce.
• Approximately 12.17 lakh members exited and rejoined EPFO, choosing to transfer their accumulations rather than settling finally.
• Gender-wise, around 2.05 lakh new female members joined, contributing to a net female member addition of 3.03 lakh.
• Growth in industries like financing, computer-related services, and hospitals was observed.
• 71% of new memberships came from expert services like manpower suppliers and security services.
• The data is provisional and subject to continuous updates, reflecting EPFO’s effort to maintain accurate records.

More about  Employee Provident Fund Organisation (EPFO):

• The Employee Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment.
• Established in 1951, it manages the Employees’ Provident Fund (EPF), a retirement benefit scheme for salaried employees in India.
• EPFO administers three schemes: EPF Scheme 1952, Employees’ Pension Scheme 1995 (EPS), and Employees’ Deposit Linked Insurance Scheme 1976 (EDLI).
• EPF Scheme 1952 mandates both employers and employees to contribute a fixed percentage of the employee’s basic salary plus dearness allowance. The current contribution rate is 12% of the employee’s basic wages.
• The Employees’ Pension Scheme 1995 provides pension benefits to employees who are members of the EPF Scheme.
• The Employees’ Deposit Linked Insurance Scheme 1976 provides life insurance coverage to EPF members.
• EPFO manages a vast pool of funds collected through these schemes, investing them in government securities, equities, and other instruments to generate returns for its members.
• It offers online services such as UAN (Universal Account Number) activation, EPF balance check, and claim settlement to provide convenience to its members.
• EPFO plays a crucial role in ensuring financial security for millions of employees in the organized sector in India, promoting savings for retirement, housing, and emergencies.