EPFO Adds 17.89 Lakh Net Members in June

Retirement fund body EPFO has added 17.89 lakh members on net basis in June 2023, according to a statement by the labour ministry. 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 per cent net members over the previous month of May 2023, the ministry stated. The overall remittance also testifies the highest numbers in the last 11 months, since August 2022.

The data indicates that around 10.14 lakh new members have enrolled during June 2023 which is the highest since August 2022, it stated. Among the newly joined members, the age group of 18-25 years constitutes 57.87 per cent of 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, it stated. 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 payroll data represents that out of the total 10.14 lakh new members added during the month, around 2.81 lakh are female members, joining EPFO for the first time..

The percentage of female members joining the organized workforce has been the 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.

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 per cent 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 per cent of net members during the month.