EPFO Adds 14.41 Lakh New Members, Half Under 25
EPFO sees explosive growth in March, driven by a wave of young adults entering the workforce and a positive shift towards financial security among job switchers
The Employees' Provident Fund Organisation (EPFO) saw a significant boost in March 2024, with a net gain of 14.41 lakh new members. This upsurge reflects a growing organised workforce, with a surprising trend: young adults (18-25 year olds) making up over half (56.83%) of these new members, suggesting a wave of first-time job seekers.
The report also highlights a positive trend for employee financial security. Many members (around 11.8 lakh) who switched jobs kept their retirement savings intact by transferring their accumulated funds to the new employer's EPFO account instead of withdrawing them. This ensures uninterrupted social security benefits.
Looking at gender diversity, the number of new female members reached 2 lakh, contributing to a net increase of 2.9 lakh women joining the programme in March. This indicates a move towards a more inclusive workforce.
Finally, the data shows growth across various industries, including manufacturing, services, and even niche sectors like fish processing. Interestingly, a substantial portion (around 43%) of the net membership increase came from the "expert services" sector, which includes staffing agencies, security services, and other miscellaneous activities.
