EPFO Reports Highest Female Workforce Addition In 3 Months - Details

In the latest release of provisional payroll data by the Employees' Provident Fund Organization (EPFO), significant trends in employment dynamics have emerged. The data revealed an addition of 15.62 lakh net members in December 2023, marking the highest monthly increase in the last three months.
EPFO

EPFO (Image Source: iStockphoto)

In the latest release of provisional payroll data by the Employees' Provident Fund Organization (EPFO), significant trends in employment dynamics have emerged. The data revealed an addition of 15.62 lakh net members in December 2023, marking the highest monthly increase in the last three months. This reflects 11.97 per cent surge in net member additions compared to the preceding month of November 2023.
On year-on-year analysis further indicates a growth of 4.62 per cent in net member additions compared to December 2022. The factors contributing to this surge include enhanced employment opportunities, heightened awareness of employee benefits, and the efficacy of EPFO's outreach programs.
Examining the age distribution, the data highlighted the dominance of the 18-25 age group, constituting a significant 57.18 per cent of the total new members added in December. This underscores a trend where the majority of those joining the organised workforce are youth, primarily first-time job seekers.
Intriguingly, approximately 12.02 lakh members exited and subsequently rejoined EPFO, marking a substantial 12.61 per cent increase compared to November 2023. This trend suggests job-switching behavior among members who opted for a seamless transfer of accumulations rather than final settlement, ensuring long-term financial well-being and extended social security protection.
Breaking down the gender dynamics, out of 8.41 lakh new members, around 2.09 lakh are new female members, marking the highest recorded addition of female workforce in the last three months, and indicating an increase of 7.57 per cent compared to November 2023.
The state-wise analysis highlighted that Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Haryana lead in net member addition, constituting 58.33 per cent of the total, with Maharashtra leading by adding 21.63 per cent of net members during the month.
In a separate report by The Indian Express, concerning trends reveal a surge in rejection rates of EPF final settlement claims, rising from around 13 per cent in 2017-18 to nearly 34 per cent in 2022-23. This implies that over one in every three claims for the final settlement of provident fund amounts made by members is being turned down by the EPFO.
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