EPFO adds 16.02 lakh net members in January

EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data. The data indicates that around 8.08 lakh new members have enrolled during January, 2024. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.41% of the total new members added in January 2024 indicating the majority of individuals joining the organized workforce are youth, primarily first-time job seekers. The payroll data highlights that approximately 12.17 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.

 

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