New Delhi: There has been good news on the employment front. 14.65 lakh new members have joined the Employees' Provident Fund Organisation (EPFO) in the month of July. 31.28 per cent more members have been added in July than in June. EPFO added 11.16 lakh new members in June. These figures reflect the employment situation in the country.
According to the data, EPFO had made 8.9 lakh new members in April and 6.57 lakh in May. The second wave of the Covid pandemic began in mid-April, after which many states had to impose lockdown-like restrictions.
Nearly 9.02 Lakh Members Joined EPFO in July
According to a report released by the ministry, out of 14.65 lakh new members, about 9.02 lakh members have come under the purview of EPFO's social security for the first time. During this period, 5.63 lakh members exited EPFO and then joined it again. This shows that most members have decided to continue their membership with EPFO.
The number of members joining EPFO for the first time increased by six per cent in July 2021. The number of those re-joining EPFO increased by nine per cent. The number of those who exited from EPFO declined by 36.84 per cent. Going by age, July saw the highest number of i.e. 3.88 lakh nominations in the age group of 22 to 25 years. While there were 3.27 lakh nominations in the age group of 18 to 21.
Which State Is Ahead?
State-wise, Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka were at the forefront. The number of EPFO members in all age groups increased by 9.17 lakh, which is 62.62 per cent of the total growth figure.
EPFO said these figures are temporary and updating employee records is a continuous process. EPFO manages the social security fund of organised/semi-organised sector employees.