26 March 2024 : PIB Summary for UPSC
PIB Summary for UPSC
26-March -2024
1. Payroll Data: EPFO adds 16.02 lakh net members during January 2024
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Topic: GS2 – Indian Polity – Statutory Bodies Understanding EPFO data aids in analyzing youth employment trends and economic sectors’ growth, crucial for UPSC economics and social issues. |
| Context |
| ● The news highlights EPFO’s provisional data for January 2024, showing 16.02 lakh net member additions, with significant youth representation and growth in various industries. |
Additional information on this news:
- In January 2024, EPFO added 16.02 lakh net members, with 8.08 lakh new enrollments.
- The 18-25 age group constituted 56.41% of new members, indicating a significant presence of youth in the organized workforce.
- Approximately 12.17 lakh members exited and rejoined EPFO, choosing to transfer their accumulations rather than settling finally.
- Gender-wise, around 2.05 lakh new female members joined, contributing to a net female member addition of 3.03 lakh.
- Growth in industries like financing, computer-related services, and hospitals was observed.
- 71% of new memberships came from expert services like manpower suppliers and security services.
- The data is provisional and subject to continuous updates, reflecting EPFO’s effort to maintain accurate records.
| More about Employee Provident Fund Organisation (EPFO): |
|
● The Employee Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment. ●Established in 1951, it manages the Employees’ Provident Fund (EPF), a retirement benefit scheme for salaried employees in India. ● EPFO administers three schemes: EPF Scheme 1952, Employees’ Pension Scheme 1995 (EPS), and Employees’ Deposit Linked Insurance Scheme 1976 (EDLI). ● EPF Scheme 1952 mandates both employers and employees to contribute a fixed percentage of the employee’s basic salary plus dearness allowance. The current contribution rate is 12% of the employee’s basic wages. ● The Employees’ Pension Scheme 1995 provides pension benefits to employees who are members of the EPF Scheme. ● The Employees’ Deposit Linked Insurance Scheme 1976 provides life insurance coverage to EPF members. ● EPFO manages a vast pool of funds collected through these schemes, investing them in government securities, equities, and other instruments to generate returns for its members. ● It offers online services such as UAN (Universal Account Number) activation, EPF balance check, and claim settlement to provide convenience to its members. ● EPFO plays a crucial role in ensuring financial security for millions of employees in the organized sector in India, promoting savings for retirement, housing, and emergencies. |
| Practice Question: Discuss the significance of EPFO data in assessing youth employment patterns and economic sector dynamics. (150 Words /10 marks) |
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