The Employee Provident Fund Organisation (EPFO) has added 16.82 lakh net members in September, according to the provisional payroll data of EPFO released on Sunday (20 November).
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 20 November 2022 highlights that EPFO has added 16.82 lakh net members in the month of September, 2022. Year-on-year comparison of payroll data reflects an increase of 9.14% in net membership addition in September, 2022 as compared to the corresponding month during last year in 2021," the Ministry of Labour said in a release.
Out of the total 16.82 lakh members added during the month, around 9.34 lakh new members have come under the coverage of EPFO for the first time, the ministry said.
The net enrolment during the month is 21.85 per cent higher than the monthly average recorded during the last fiscal, it added.
As per data, around 2,861 new establishments have started complying under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees.
Among the new members, highest number was registered for age group of 18-21 years with 2.94 lakh members. This was followed by age group of 21-25 years with 2.54 lakh members. Around 58.75 per cent members are from the age-group of 18-25 years of age.
According to the ministry, this shows that first-time job seekers are joining organized sector workforce in large numbers following their education and new jobs in organized sector are largely going to the youth of the country.
During the month, approximately 7.49 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 payroll data indicates that number of members exiting from the coverage of EPFO have continuously declined during the past three months.
Month-on-month comparison shows that around 9.65 per cent lesser members have exited EPFO during the month of September 2022 as compared to the previous month.
"State-wise payroll figures highlight that month-on-month growing trend in net member addition was observed in states of Maharashtra, Gujarat, Uttar Pradesh, Rajasthan, Andhra Pradesh, Orissa etc," the ministry said.
The states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi continue to remain in lead by adding approximately 11.41 lakh net members during the month, which is 67.85 per cent of total net payroll addition across all age groups, it added.
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