According to payroll data released on Monday, a net addition of 17.21 lakh members to the Employees’ Provident Fund Organization (EPFO) was made in September. Comparatively, the data indicated an increase of 21,475 net members during August 2023. Annual comparison of data showed that 38,262 net members were added in September 2022.
According to PTI report, a statement from the Labor Ministry said that around 8.92 lakh new members were enrolled in the month of September 2023. Of these new members, about 58.92 percent of the total new members were in the age group of 18 to 25 years. This indicates that most of the members joining the organized sector are youth.
Moreover, the data revealed that around 11.93 lakh members had exited but re-joined the EPFO. It said, “These members changed their jobs and re-joined establishments under the purview of EPFO and chose to transfer their deposits instead of applying for final settlement, thereby losing their social security cover.” It increased.”
Compared to the previous month, total exits declined by 12.17 per cent, with 3.64 lakh exits recorded in September 2023. The data showed that total outflows are declining from June 2023.
Gender wise, the data showed that around 2.26 lakh new members added during September this year were women, and the net female member count during the period stood at 3.30 lakh.
State-wise reading of the data indicates that the net member growth is highest in Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana. Combined, these states represented about 57.42 per cent of the net member growth, taking the total to 9.88 lakh members during the review period. Among states, Maharashtra led in net member addition at 20.42 per cent during the month.
Month-on-month comparison of industry-based data showed a large increase in members employed in companies engaged in sugar industry, courier services, iron and steel, hospitals, travel agencies, etc. Of the total net membership, about 41.46 per cent growth came from specialist services, which include manpower suppliers, security services, general contractors etc.
Notably, EPFO started releasing payroll data from April 2018 and covered the period from September 2017 onwards. For monthly payroll data, number of members joining EPFO for the first time through valid Universal Account Number (UAN), existing members leaving coverage and those re-joining after exiting, all with net monthly payroll data. It is believed. , The above data is provisional as the process of data generation is ongoing.
Also read: Analyst says, gems and jewelery industry is eyeing improvement in Chinese market