Business
EPFO Adds 12.94 Lakh Net Subscribers In October, Around 7.28 Lakh New Members Added During The Month
The EPFO head office in New Delhi.
The Employees Provident Fund Organisation (EPFO) has added 12.94 lakh net members in October, according to the provisional payroll data of EPFO released on Tuesday (20 December).
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 EPFO released on 20th December, 2022 highlights that EPFO has added 12.94 lakh net members in the month of October, 2022. Year-on-year comparison of payroll data reflects an increase of 21,026 in net membership in October, 2022 as compared to the corresponding month during last year in 2021," the Ministry of Labour said in a release.
As per data, around 2,282 new establishments have started complying for the first time under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees, the release said.
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 per cent 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.
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 per cent of net female member addition during the month.
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