EPFO adds a net 15.62 lakh members in Dec; 8.41 lakh new subscribers join workforce
fund body EPFO recorded a net addition of 15.62 lakh members in December 2023, according to payroll data released on Tuesday. An increase of 11.97 per cent has been registered in net member addition during December 2023 compared to the previous month, a labour ministry statement said.
Employees' Provident Fund Organisation's provisional payroll data highlighted that the net addition of 15.62 lakh members was up by 4.62 per cent compared to December 2022, it stated.
This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes, it explained.
The data showed that around 8.41 lakh new members were enrolled in December 2023, up by 14.21 per cent compared with the previous month of November 2023.
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 57.18 per cent of the total new members added in December, it stated.
These statistics underscore a notable trend — the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.
The payroll data highlighted that approximately 12.02 lakh members exited and subsequently rejoined EPFO.
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, safeguarding long-term financial well-being and extending their social
