EPFO added 15.48 lakh net members during February: Govt
A noticeable aspect of the EPFO data is the dominance of the 18-25 age group which constitutes a significant 56.36 per cent of the total new members.
The provisional payroll data of the Employees’ Provident Fund Organisation (EPFO) released on Monday, highlights that it added 14.93 lakh net members in the month of December 2022.
The year-on-year comparison of payroll data reflects an increase of 32,635 in net membership addition in December 2022 as compared to the corresponding month during the last year.
Out of 14.93 lakh members added during the month, around 8.02 lakh new members have come under the social security coverage of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.39 lakh members, followed by the age group of 22-25 years with 2.08 lakh members. The age group of 18-25 years constitutes 55.64% of the total of new members during the month. This indicates that the majority of the members joining EPFO are first-time job seekers who are joining the organised sector workforce of the country.
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The data also highlights that about 3.84 lakh members exited while 10.74 lakh members exited and re-joined EPFO membership. 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.
Gender-wise analysis of payroll data indicates that enrolment of new female members has been 2.05 lakh in December 2022. The percentage of new female members among the total new joiners has increased from 25.14% in November 2022 to 25.57% during the current month. The social security cover under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 has been extended to these female members for the first time.
The state-wise payroll figures highlight that the top five states in terms of net member addition are Maharashtra, Tamil Nadu, Gujarat, Karnataka, and Haryana. These states together added 60.08% of net member addition during the month. Of all the states, Maharashtra is leading by adding 24.82% of overall member addition followed by the state of Tamil Nadu with 10.08% during the month.
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