NEW DELHI, APRIL 20
The Employees’ Provident Fund Organisation’s (EPFO) provisional payroll data released on Saturday highlights that EPFO has added 15.48 lakh net members in the month of February, 2024.
The data indicates that around 7.78 lakh new members have been enrolled during February, 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.36% of the total new members added in February 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
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7.78 lakh new members enrolled with EPFO during February, 2024
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Net EPFO subscribers in FY24 have jumped significantly by 19 percent
The payroll data highlights that approximately 11.78 lakh members exited and subsequently rejoined EPFO. 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.
Gender-wise analysis of payroll data unveils that out of 7.78 lakh new members, around 2.05 lakh are new female members. Also, the net female member addition during the month stood at around 3.08 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.
Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the industries viz. establishments engaged in manufacture, marketing servicing & usage of computers, companies/societies/assc/clubs/troupes for performances, road motor transport, automobile servicing, Textiles etc. Of the total net membership, around 41.53% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
The above payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process. The previous data hence gets updated every month. From the month of April-2018, EPFO has been releasing payroll data covering the period September, 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll.
In 2023-24, EPFO Chennai & Puducherry Zone, settled about 30.49 Lakh claims
- In the matter relating to grievances, 97,396 grievances of members / pensioners were resolved by this Zone during this year compared to 81,769 grievances resolved during 2022-23
- 16,062 fresh pensioners were added during the year 2023-24 which is nearly double the pensioners when compared to that of the previous year
The Employees’ Provident Fund Organisation (EPFO), Zonal Office, Chennai & Puducherry Zone having territorial jurisdiction of 10 districts in State of Tamil Nadu and 2 districts in Union Territory of Puducherry caters to the need of 79,433 establishment involving 2.05 Crore subscribers.
It is pertinent to mention that during the year 2023-24, about 30.49 Lakh claims of members were settled and this includes increase of about 2.74 Lakh claims compared to the previous year.
Similarly, 16,062 fresh pensioners were added during the year 2023-24 which is nearly double the pensioners when compared to that of the previous year. EPFO, Chennai & Puducherry Zone serves a total of 3.14 Lakh Pensioners.
On collection of outstanding dues from defaulting establishments, a sum of Rs. 275.32 Crores were collected during the year 2023-24 as against Rs.16.14 Crores collected during the corresponding period of previous year.
In the matter relating to grievances, 97,396 grievances of members / pensioners were resolved by this Zone during this year compared to 81,769 grievances resolved during 2022-23.
