Business
EPFO Added 14.93 Lakh Net Subscribers In December, 8.02 Lakh New Additions Recorded During The Month
The EPFO head office in New Delhi.
The Employees Provident Fund Organisation (EPFO) added 14.93 lakh net members in December 2022, according to the provisional payroll data of EPFO released on Tuesday (20 February).
EPFO is a social security organisation responsible for providing a number of benefits to the members covered under the statute of EPF & MP Act, 1952.
The Organisation provides provident fund, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of untimely death of the member.
"The provisional payroll data of Employees’ Provident Fund Organisation (EPFO) released today, highlights that EPFO has added 14.93 lakh net members in the month of December, 2022. 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 2021," the Ministry of Labour said in a release.
Out of 14.93 lakh members added during the month, around 8.02 lakh new members have come under the social security coverage of EPFO for the first time, the ministry said.
Among the newly joined members, highest enrolment is registered in the age-group of 18-21 years with 2.39 lakh members, followed by the age-group of 22-25 years with 2.08 lakh members.
The age-groups of 18-25 years constitutes 55.64 per cent of total of new members during the month.
During the month, around 3.84 lakh members exited while 10.74 lakh members exited and re-joined EPFO membership.
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, the ministry said.
Further, gender-wise analysis of payroll data indicates that enrolment of new female members has been 2.05 lakh in December 2022.
According to the ministry, the percentage of new female member among the total new joinees has increased from 25.14 per cent in November 2022 to 25.57 per cent during December.
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