Employees Provident Fund Organisation (EPFO) has added 17.89 lakh members in June. The data reveals that 3,491 establishments have extended social security coverage of 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.
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.
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. Of all the states, Maharashtra is leading by adding 20.54 per cent of net members during the month.
Notably, the payroll data is provisional since the data generation is a continuous exercise, as updating employee records is a continuous process. The previous data hence gets updated every month.
From the month of April-2018, EPFO has been releasing payroll data covering the period September, 2017 onwards.
Source Name : Economic Times