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Vikash Sharma

The Employees' Provident Fund Organisation (EPFO) on Tuesday released the provisional payroll data. As per the official report, EPFO added 18.23 lakh net members in the month of July, 2022.

The data suggests increase of around 24.48 per cent in net membership addition in July, 2022 as compared to the corresponding month during last year in 2021. Of the total 18.23 lakh members, around 10.58 lakh new members have come under the social security cover of EPFO for the first time, the PIB reported.

It is pertinent to mention here that there has been a continuous rise in the data of new members joining the EPFO since April this year.

Of the total 10.58 lakh new members added, approximately 57.69 per cent belong to the age-group of 18-25 years of age. This shows that first-time job seekers are joining organised sector workforce in large numbers following their education and new jobs in organised sector are largely going to the youth of the country.

“During the month, around 4.07 lakh members exited from the ambit of EPFO and 11.72 lakh members exited and re-joined EPFO. These members have chosen to retain their membership through transfer of funds rather than opting for final settlement," the report added.

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