EPFO adds 18.23 lakh net members in July; 27.5% of new members women

The provisional payroll data released by the Employees’ Provident Fund Organisation (EPFO) has indicated that the organisation added 18.23 lakh net members in July this year, registering a year-on-year increase of 24.48 per cent over the corresponding month in 2021. The data has also shown an increase in female and youth workers. Out of the total members added 10.58 lakh new members have come under the EPFO for the first time. “The data of new members joining EPFO has shown a growing trend since April, 2022. Out of 10.58 lakh new members added, approximately 57.69 per cent are from the age-group of 18-25 years of age,” a press release by the Ministry of Labour & Employment stated. What does the data indicate? The data given by the EPFO reports that more first time job seekers are joining the organised sector and the majority of the jobs in this sector are going to the youth of the country, as per the ministry’s statement. The data also indicates that enrollment of female workers has increased, with 4.06 lakh females, comprising 27.54 per cent of new members, joining the EPFO social security cover. This is the highest recorded in the last 12 months. Year-on-year comparison of enrollment data shows that new membership of females in the organised workforce jumped by 34.84 per cent in July this year, compared to the corresponding month in 2021. State-wise analysis indicates that Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi added the most number of members. With approximately 12.46 lakh net workers added in July, these states account for 68.36 percent of the total payroll addition. Enrollment in terms of industries: The classification of industry-wise payroll data by the EPFO shows that two categories- ‘Trading-Commercial establishments and ‘Expert services’ constitute 46.20 per cent of total member addition in July. An increase was also reported in industries like Schools’, ‘Building & Construction Industry’, ‘Financing Establishment’ and more. Lastly, the data states that about 4.07 lakh members exited the EPFO and 11.72 lakh members exited and rejoined the organisation. “These members have chosen to retain their membership through transfer of funds rather than opting for final settlement. This may be attributed to various e-initiatives taken by EPFO for seamless and uninterrupted service delivery,” the press release states. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.