1.63 million members added to EPFO in May

livemint.com:

New Delhi: New formal sector workers added under the Employees’ Provident Fund Organisation (EPFO) fell to about 1.63 million in May, down from 1.72 million recorded during the previous months, according to the latest payroll data released by the government.  About 1.68 million new workers were added to the formal sector during May 2022.  "The data indicates that around 8.83 lakh new members enrolled during May, 2023 are highest during the last six months. Among the newly joined members, the age-group of 18-25 years constitutes 56.42% of total new members added during the month," said a statement from the Ministry of Labour and Employment. "Around 11.41 lakh members exited but rejoined EPFO who may have switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus extending their social security protection," it added.

The latest data also reveals that 3,673 establishments extended social security cover of EPFO to their employees during the month. "State-wise analysis of payroll data highlights that in terms of net member addition, the top 5 states are Maharashtra, Tamil Nadu, Karnataka, Haryana and Gujarat," the statement said.  "These constitute around 57.85% of net member addition, adding a total of 9.43 lakh members during the month.