In a positive development for India’s employment landscape, the Employees’ Provident Fund Organization (EPFO) has reported a substantial increase in new members during December 2023. The provisional payroll data reveals a noteworthy addition of 15.62 lakh net members, marking the highest growth in the past three months. This surge reflects an 11.97% increase compared to the previous month, signaling a positive trend amidst concerns about rising unemployment.
Youth Dominance in Workforce Entry: 57.18% New Members Aged 18-25
An interesting aspect of the data is the prominence of the 18-25 age group, constituting a significant 57.18% of the total new members added in December. This indicates a trend where a majority of individuals joining the organized workforce are youth, largely representing first-time job seekers.
Job Switching Trends: 12.02 Lakh Members Rejoin EPFO
Approximately 12.02 lakh members exited and subsequently rejoined EPFO, showcasing a significant 12.61% increase compared to the previous month. This trend indicates a preference for job switches among workers who opted to transfer their accumulations rather than applying for final settlement, emphasizing the importance of long-term financial well-being.
Notable Increase in Female Workforce: 2.09 Lakh New Female Members
The gender-wise analysis highlights a positive shift, with around 2.09 lakh new female members, marking the highest addition in the last three months. This increase of 7.57% compared to November 2023 underscores a move towards a more inclusive and diverse workforce.
Regional Insights: Maharashtra Leads with 21.63% Net Member Addition
State-wise analysis reveals that Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Haryana lead in net member addition, contributing to 58.33% of the total. Maharashtra stands out by adding 21.63% of net members during the month.
Industry-Wise Growth: Expert Services Contribute 40.66% to Net Membership
In industry-wise comparisons, significant growth is observed in sectors such as Iron and Steel, Building & Construction, and General Insurance. Notably, expert services, encompassing manpower suppliers, normal contractors, security services, and miscellaneous activities, contribute around 40.66% to the total net membership.
Overall, these positive trends in EPFO’s data indicate a growing workforce, increased opportunities, and a notable focus on inclusivity and diversity.
