EPFO added 7.8 lakh new members in February, 56% of them aged 18 – 25 years
News/Article Date: 21st April, 2024
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Penalty under the Act: Whoever, for the purpose of avoiding any payment to be made by himself under this Act [the Scheme, the [Pension] Scheme] or the Insurance Scheme] or of enabling any other person to avoid such payment knowingly makes or causes to be made any false statement or false representation shall be punishable with imprisonment for a term which may extend to one year, or with fine of five thousand rupees, or with both].
Applicable to which State: Whole of India
Type: News Report
Pertains to: Establishments and Employers covered by the Act
Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding , Employee Life Cycle, Statutory, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Management is also fully into labour compliances for nearly 18 years and is helping both establishments and workers for fulfillment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on pan India basis. Recently, it has diversified into foreign shores as well, into countries like US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment and governance.
-And in the current instance NEW DELHI: Retirement fund entity Employees Provident Fund Organization (EPFO) added 15.5 lakh net members in Feb and nearly 7.8 lakh are new members, data released on Saturday showed.
A key aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.4% of the total new members added in Feb indicating the majority of individuals joining the organised workforce are youth, primarily first-time job seekers, an official statement said
Subject: EPFO added 7.8 lakh new members in February, 56% of them aged 18-25 years
Appended is the complete news item
EPFO added 7.8 lakh new members in February, 56% of them aged 18 – 25 years
Retirement fund entity Employees Provident Fund Organisation (EPFO) added 15.5 lakh net members in Feb and nearly 7.8 lakh are new members, data released on Saturday showed.
A key aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.4% of the total new members added in Feb indicating the majority of individuals joining the organised workforce are youth, primarily first-time job seekers, an official statement said.
The payroll data highlighted that approximately 11.8 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, according to the statement. The payroll data, particularly the addition of new members, is seen as a proxy for job creation. Youth unemployment has been a challenge for policymakers and govt has been taking several measures to create new jobs and attracting investment.
Gender-wise analysis of payroll data showed that out of 7.8 lakh new members, over 2 lakhs are new female members. The net female member addition during the month stood at over 3 lakhs. Female member addition is indicative of a broader shift towards a more inclusive and diverse workforce, the statement said.
Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the industries which include establishments engaged in manufacture, marketing servicing and usage of computers, companies/societies/assc/clubs/troupes for performances, road motor transport, automobile servicing, textiles among others. Of the total net membership, around 41.5% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
The payroll data is provisional since the data generation and updating employee records is a continuous process. The previous data gets updated every month. From 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-joined as members, is taken to arrive at net monthly payroll.