In September 2023, the Employees’ Provident Fund Organization (EPFO) witnessed a substantial increase in its membership, with a net addition of 17.21 lakh members, as revealed by the latest payroll data. This marks a month-on-month growth of 21,475 members compared to August 2023 and a significant year-on-year increase of 38,262 members from September 2022.
Youth Dominance in Workforce Entry: Among the 8.92 lakh new members enrolled in September, nearly 59% belong to the age group of 18-25 years, indicating a youth-dominated influx into the organized workforce. This surge underscores the trend of young, first-time job seekers entering the job market.
Steady Decline in Exits: The data also highlights a declining trend in EPFO exits since June 2023. In September 2023, exits decreased by 12.17%, with approximately 3.64 lakh members leaving the EPFO. Interestingly, around 11.93 lakh members exited but later rejoined, choosing to transfer their accumulations instead of opting for final settlement.
Gender Dynamics: Out of the total new members, 2.26 lakh are female, constituting a notable portion of the workforce. The month witnessed a net addition of around 3.30 lakh female members, emphasizing a positive trend in female workforce participation.
Regional and Industry Insights: Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana led in net member addition, accounting for 57.42% of the total growth. Maharashtra, in particular, contributed significantly with a 20.42% increase. Industry-wise, sectors like sugar, courier services, iron and steel, hospitals, and travel agencies experienced noteworthy growth.
Provisional Data and Continuous Updates: The EPFO emphasizes that the payroll data is provisional, given the ongoing nature of data generation and continuous employee record updates. Since April 2018, EPFO has consistently released monthly payroll data covering the period from September 2017 onwards.
This robust growth in EPFO membership reflects a dynamic and evolving landscape in India’s organized workforce, with a notable influx of young talent and a steady rise in female participation.