The Employees' Provident Fund Organisation (EPFO) has added 17.89 lakh net members in the month of June as per the provisional payroll data released on August 20, 2023.
As per official EPFO data, around 10.14 lakh new members enrolled during June 2023 which is highest since August 2022. Among the newly joined members, the age-group of 18-25 years constitutes 57.8 per cent of total new members added during the month.
This demonstrates an increasing trend in youth enrollment, who are mostly first-time job seekers joining the organized sector workforce of the country, said a PIB report.
Other Key Highlights Of Payroll Data
About 3,491 establishments have extended social security cover of EPFO to their employees by remitting their first ECR during the month.
Month-on month comparison of payroll data shows a growing trend in enrollment with an increase of around 9.71 per cent net members over the previous month of May, 2023.
Approximately 12.65 lakh members exited but rejoined EPFO. 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.
State-wise analysis of payroll data denote that net member addition is highest in the 5 states of Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana. These states constitute around 60.40 per cent of net member addition, adding a total of 10.80 lakh members during the month, the PIB report added.