Retirement fund body EPFO has added 17.89 lakh members on a net basis in June 2023, a labour ministry statement said on Sunday.
The data reveals that 3,491 establishments have extended social security coverage of EPFO to their employees by remitting their first ECR during the month.
Month-on-month comparison of payroll data shows a growing trend in enrollment with an increase of around 9.71% net members over the previous month of May, 2023. The overall remittance also testifies to the highest numbers in the last eleven months, since August, 2022, the ministry statement stated.
EPFO June data shows increasing trend in youth enrollment
The data indicates that around 10.14 lakh new members have enrolled during June, 2023 which is the highest since August, 2022. Among the newly joined members, the age group of 18-25 years constitutes 57.87% of the total new members added during the month. This demonstrates an increasing trend in youth enrollment, who are mostly first-time job seekers joining the organized sector workforce of the country.
Payroll data suggests that approximately 12.65 lakh members exited but rejoined EPFO. 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.
Gender-wise analysis of EPFO data
Gender-wise analysis of payroll data represents that out of the total 10.14 lakh new members added during the month, around 2.81 lakh are new female members, joining EPFO for the first time. The percentage of new female members joining the organized workforce has been highest in the last 11 months. Also, the net female member addition during the month stood at around 3.93 lakh, which is also the highest since August, 2022.
Maharashtra leads in net member addition
State-wise analysis of payroll data denotes that net member addition is highest in the 5 states of Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana. These states constitute around 60.40% of net member addition, adding a total of 10.80 lakh members during the month. Of all the states, Maharashtra is leading by adding 20.54% of net members during the month.
In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO, and those who exited but re-joining as members, is taken to arrive at net monthly payroll.
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Updated: 21 Aug 2023, 09:44 AM IST
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