In a recent report, the Employees' Provident Fund Organisation (EPFO) announced a significant rise in its membership, with a net addition of 15.62 lakh members in December 2023. This marks an increase of 11.97% compared to the previous month, according to a statement from the Ministry of Labour.

The data from EPFO's provisional payroll reveals that the surge in membership, up by 4.62% from December 2022, can be attributed to various factors such as increased job opportunities and better awareness of employee benefits.

In December 2023 alone, around 8.41 lakh new members joined the workforce, marking a 14.21% increase from November 2023. Notably, the majority of these new members fall in the 18-25 age group, indicating a trend of young individuals entering the organized workforce.

Interestingly, approximately 12.02 lakh members exited and then rejoined EPFO due to job switches, choosing to transfer their accumulations instead of opting for final settlement. This decision reflects a focus on long-term financial stability and social security.

Gender-wise analysis reveals a positive trend as well, with around 2.09 lakh female members joining in December 2023, marking a 7.57% increase from the previous month. This surge in female membership signifies progress towards a more inclusive workforce.

Among states, Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Haryana saw the highest net member addition, constituting around 58.33% of the total additions. Maharashtra, in particular, led with a 21.63% increase.

Industry-wise, sectors such as iron and steel, building & construction, and general insurance witnessed significant growth in membership. Expert services, including manpower suppliers and security services, accounted for around 40.66% of the total net membership increase.

It's important to note that this data is provisional and subject to continuous updates as EPFO's records are regularly maintained. Since April 2018, EPFO has been releasing payroll data from September 2017 onwards, showcasing ongoing trends in employment and membership.

UP CM Adityanath Inaugurates Ashok Leyland's Eco-Friendly Vehicle Plant

EAM Jaishankar Affirms Stable India-Russia Ties Amid Global Geopolitical Shifts