EPFO adds 17.9 lakh members in June

economictimes.indiatimes.com:

EPFO to their employees during the month. The month-on month comparison of payroll data showed a growing trend in enrollment with an increase of around 9.71 per cent net members over the previous month of May. The data indicated that around 10.14 lakh new members have enrolled during June, 2023 which is highest since August, 2022.

Among the newly joined members, the age group of 18-25 years constitutes 57.87 per cent of total new members added during the month. “This demonstrates an increasing trend in youth enrollment, who are mostly first-time job seekers joining the organized sector workforce of the country,” a government release said. Payroll data suggests that approximately 12.65 lakh members exited but rejoined EPFO.

These members 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, the release said. Gender-wise analysis of payroll data represents that out of the total 10.14 lakh new members added during June, around 2.81 lakh are new female members, joining EPFO for the first time. The percentage of new female members joining the organized workforce has been highest in the last 11 months.

Also, the net female member addition during the month stood at around 3.93 lakh, which is also the highest since August, 2022. State-wise analysis of payroll data denotes that net member addition is highest in the five states of Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana. These states constitute around 60.40 per cent of net member addition, adding a total of 10.80 lakh members during the month.