The Employees' Provident Fund Organisation (EPFO) has added 12.94 lakh net members in the month of October this year.
As per the provisional payroll data of EPFO released on Tuesday, 2282 new establishments have started complying under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees for the first time.
Year-on-year comparison of payroll data indicates an increase of 21,026 in net membership in October, 2022. As per PIB report, around 7.28 lakh new members have been covered under social security cover of EPFO for the first time out of the total 12.94 lakh new additions in October this year.
Among the new members, highest number was registered for age group of 18-21 years with 2.19 lakh members. This was followed by age group of 22-25 years with 1.97 lakh members. Out of total new members joined, approximately 57.25% are from the age-group of 18-25 years of age.
“During the month, approximately 5.66 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of opting for final settlement,” the PIB report said.
Gender-wise analysis of payroll data indicates that enrolment of net female members has been 2.63 lakh in October, 2022. Out of this, 1.91 lakh females have joined EPFO for the first time which is around 72.73% of net female member addition during the month, the report added.