{"id":157555,"date":"2024-10-20T12:34:12","date_gmt":"2024-10-20T12:34:12","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/20\/epfo-net-new-member-additions-rise-9-07-to-18-53-lakh-in-august\/"},"modified":"2024-10-20T12:34:12","modified_gmt":"2024-10-20T12:34:12","slug":"epfo-net-new-member-additions-rise-9-07-to-18-53-lakh-in-august","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/10\/20\/epfo-net-new-member-additions-rise-9-07-to-18-53-lakh-in-august\/","title":{"rendered":"EPFO net new member additions rise 9.07% to 18.53 lakh in August"},"content":{"rendered":"
\"EPFO<\/div>\n
Retirement fund body EPFO’s net new member additions increased 9.07 per cent to 18.53 lakh in August, compared to a year ago, according to payroll data<\/a> released on Sunday. EPFO<\/a> enrolled around 9.30 lakh new members in August 2024, representing an increase of 0.48 per cent from August 2023, a labour ministry<\/a> statement said. <\/p>\n

This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs, it stated. <\/p>\n

According to the provisional payroll data for August 2024 released by the Employees’ Provident Fund Organisation<\/a> (EPFO), there was a net addition of 18.53 lakh members in August 2024, representing a 9.07 per cent year-on-year growth. <\/p>\n

A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 59.26 per cent of the total new member additions in August 2024.<\/p>\n

In addition, the net payroll data for the age group 18-25 for August 2024 was 8.06 lakh. <\/p>\n


This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers, it stated. The payroll data highlights that approximately 13.54 lakh members exited and subsequently rejoined EPFO. This figure depicts year-over-year growth of 14.03 per cent. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection. <\/p>\n

Gender-wise analysis of payroll data unveils that out of the new members added during the month, around 2.53 lakhs are new female members. This figure exhibits year-on-year growth of 3.75 per cent. <\/p>\n

Also, the net female member addition during the month under review stood at around 3.79 lakh. It reflects a year-on-year growth of 10.41 per cent. <\/p>\n

The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce, it stated. <\/p>\n

State-wise analysis of payroll data denotes that net member addition in the top five states\/ UTs constitutes around 59.17 per cent of net member addition, adding a total around 10.97 lakh net members during August. <\/p>\n

Of all the states, Maharashtra<\/a> is leading by adding 20.59 per cent of net members during August, 2024. <\/p>\n

The states\/UTs of Maharashtra, Karnataka, Tamil Nadu<\/a>, Haryana, Delhi, Gujarat, Telangana and Uttar Pradesh<\/a> individually added more than 5 per cent of the total net members during the month. <\/p>\n

The month-on-month comparison of industry-wise data displayed significant growth in the members working in establishments engaged in the industries viz. trading – commercial establishments, engineers – engg. contractors, building and construction industry, agriculture farms, Beedi making etc. <\/p>\n

Of the total net membership, around 40.36 per cent addition was from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc. <\/p>\n

The payroll data is provisional since data generation is a continuous exercise, as updating employee records is a continuous process, it stated. <\/p>\n

In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar<\/a> validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll, it stated.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Retirement fund body EPFO’s net new member additions increased 9.07 per cent to 18.53 lakh in August, compared to a year ago, according to payroll data released on Sunday. EPFO enrolled around 9.30 lakh new members in August 2024, representing an increase of 0.48 per cent from August 2023, a labour ministry statement said. This […]<\/p>\n","protected":false},"author":2,"featured_media":157556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-114398367,imgsize-44476.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[82903,25359,5395,15814,5957,7801,2111,572],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/157555"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=157555"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/157555\/revisions"}],"predecessor-version":[{"id":157557,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/157555\/revisions\/157557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/157556"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=157555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=157555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=157555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}