Employees' Provident Fund Organisation (EPFO) on Tuesday released its provisional payroll data which indicates that the organisation added 15.62 lakh net members in the month of December, 2023. This is said to be the highest in last three months and an increase of 11.97% has also been registered in net member addition during the current month as compared to the previous month of November 2023.
The year on year analysis reveals a growth of 4.62% in net member additions compared to December 2022. The 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 programs, reported PIB.
Other Highlights
The data indicates that around 8.41 lakh new members have enrolled during December, 2023 which is highest during the previous three months. The new members addition shows an increase of 14.21% when compared with 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% of the total new members added in December.
This statistic underscores a notable trend - the majority of individuals joining the organized workforce are youth, primarily first-time job seekers.