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.
Cumulative net addition of members under the Employees’ Provident Fund Organisation (EPFO) during the current financial year continues to remain higher than that of the corresponding period of previous year.
Ministry of Labour & Employment on Saturday said the EPFO added 13.95 lakh net members in the month of November, 2023 with around 7.36 lakh new members have enrolled during the same month itself.
Of the total net membership, around 41.94% addition is from expert services consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.
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Among the newly joined members, the age-group of 18-25 years constitutes 57.30% of total new members added during the month, showing that majority of the members joining organised sector workforce of the country are youth, who are mostly first-time job seekers, the data released by the ministry said.
Payroll data reflects that approximately 10.67 lakh members exited but rejoined EPFO. In fact, 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.
Gender-wise analysis of payroll data represents that out of the total 7.36 lakh new members added during the month, around 1.94 lakh are new female members, joining EPFO for the first time. Also, the net female member addition during the month stood at around 2.80 lakh.
Percentage of net female members out of net subscriber addition stood at 20.05%, which is highest since September, 2023, showing a growing participation of female employees in the organized sector workforce.
State-wise analysis of payroll data denotes that net member addition is highest in the 5 states/ UTs of Maharashtra, Tamil Nadu, Karnataka, Haryana and Delhi. These states constitute around 58.81% of net member addition, adding a total of 8.20 lakh members during the month. Of all the states, Maharashtra is leading by adding 21.60% of net members during the month.
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