The provisional payroll data for February 2024 released by the Employees’ Provident Fund Organization (EPFO) show a positive trend in employment figures. An expansion in the organized labor market is reflected in the figures, which show a net rise of 1.548 million members for the month. The data also provide insight into the age and gender distribution of the recently enrolled members, pointing to positive trends in youth employment and more diversity in the workforce.
Notably, the data shows that a significant 56.36% of all newcomers in February 2024 fall into the 18–25 age group. This implies that the majority of people joining the organized labor market are young and largely starting their careers. Moreover, the data indicates a considerable increase in the number of women employed; in February alone, there were over 200,000 new female members, accounting for a sizeable portion of all new entrants.
Furthermore, the payroll data sheds light on the topic of job mobility in the organized sector, as approximately 1.178 million members leave the EPFO and subsequently rejoin it. These people transferred their money instead of asking for a final settlement, changed jobs, and rejoined companies covered by EPFO. This pattern highlights an employee’s dedication to long-term financial stability and the continuation of social security payments.
An in-depth examination of the payroll data by gender suggests that the workforce is becoming more diverse and inclusive. Over 200,000 of the over 700,000 new members are female, making up the net addition of female members for the month of over 300,000. This emphasizes the upward trend in female employment.
A comparison of the industry from month to month shows that a growing number of businesses from a range of industries, including manufacturing, computer services and marketing, road transportation, and textiles, are becoming members. Notably, professional services like general contracting, security services, and personnel provision account for approximately 41.53% of the overall net membership gain.
EPFO provides preliminary payroll data due to ongoing updates to employee records and continuous data generation. We update historical data every month to reflect the dynamic nature of employment trends in the organized sector.
Since April 2018, EPFO has regularly published payroll data from September 2017. The count of new members joining EPFO with a Universal Account Number (UAN) authenticated by Aadhaar, the count of current members quitting EPFO’s coverage, and the count of members returning to the organization are all included in this monthly payroll data, which is utilized to determine the net monthly payroll. These numbers support a favorable view of young employment and workforce inclusion by providing insightful information about the dynamics and trends in employment within the organized sector.
