EPFO adds 17.21 lakh net members in September

financialexpress.com:

Retirement fund body EPFO recorded a net addition of 17.21 lakh members in September, according to payroll data released on Monday. Month-on-month comparison of payroll data shows an increase of 21,475 net members over August 2023, a labour ministry statement said. Year-on-year comparison of payroll data reflects an increase of 38,262 net members over September 2022.

Around 8.92 lakh new members enrolled during September 2023, the ministry said. Among these newly joined members, the age group of 18-25 years constitutes 58.92 per cent of total new members added during the month.

This demonstrates that a majority of the members joining the organised sector workforce of the country are youth, who are mostly first-time job seekers, it explained. Payroll data shows that approximately 11.93 lakh members exited but rejoined EPFO, it stated.

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, extending their social security protection, it explained.

As compared to the previous month, the number of exits decreased by 12.17 per cent with 3.64 lakh exits in September 2023. The data indicated that the number of members exiting the EPFO has been declining since June 2023.

The ministry stated that out of a total of 8.92 lakh new members added during the month, around 2.26 lakh are female members, joining EPFO for the first time. Also, the net female member addition during the month stood at around 3.30 lakh.

State-wise analysis of payroll data denotes that net member addition is the highest in Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana. These states constitute around 57.42 per cent of net