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.
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.
According to the EPFO data, around 8.41 lakh new members have enrolled during December 2023. The new members' addition shows an increase of 14.21 per cent when compared with the previous month of November.
In March 2021, the Central Board of Trustees (CBT) decided the 8.5% interest rate on EPF deposits for 2020-21.
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.
EPFO’s latest provisional payroll data released on Monday highlighted that the provident fund organisation added 17.21 lakh net subscribers in the month of September.
The Minister stated that EPFO had extended the Act's provisions to the working class of Jammu and Kashmir, effective from 31 October, 2019.
The number of new monthly subscribers under the employees' provident fund (EPF) saw a rise of close to 10 per cent to 10.14 million in June, up from 927,703 in May.
It is worth mentioning here that over the years, the Finance Ministry has questioned the high rate retained by EPFO and has been trying to reduce it to a sub-8 per cent level.
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.
Net membership of females in organised workforce grew by 7.90 per cent in November 2022 as compared to November 2021.
