EPFO Adds 7.36 Lakh New Members In November 2023

The data also highlighted that the cumulative net addition of members during the current financial year continues to rise higher than that of the corresponding period of the previous year

Payroll data indicates that approximately 10.67 lakh members left EPFO but later returned ( Image Source :Getty )

Employees' Provident Fund Organisation (EPFO) said on Saturday that it has added 13.95 lakh net members in November 2023, including 7.36 new members, according to their provisional payroll data. The data also highlighted that the cumulative net addition of members during the current financial year continues to rise higher than that of the corresponding period of the previous year.

According to the report, in November 2023, almost 7.36 lakh new members enrolled. The age range of 18 to 25 years old accounts for 57.30 per cent of all newly joined members during the month, indicating that young people, who are primarily first-time job seekers, make up the bulk of those entering the organised sector workforce in the nation.

Payroll data indicates that approximately 10.67 lakh members left EPFO but later returned. Actually, these members extended their social security protection by changing occupations, reentering the EPFO-administered establishments, and transferring their accumulations rather than seeking a final settlement.

Looking at the payroll data by gender indicates that, of the 7.36 lakh new members EPFO gained in a given month, around 1.94 lakh were female members entering the organisation for the first time. Additionally, the net addition of female members for the month was approximately 2.80 lakh. The percentage of net female members relative to net subscriber addition was 20.05 per cent, the highest since September 2023, indicating an increase in female employees in the organised sector.

Analysing payroll data state-wise indicates that the five states/UTs of Maharashtra, Tamil Nadu, Karnataka, Haryana, and Delhi have the highest net member addition rates. These states constitute around 58.81 per cent of net member addition, adding a total of 8.20 lakh members during the month. With 21.60 per cent more net members added in a month than any other state, Maharashtra is in the lead.

A comparison of industry-specific statistics month over month shows a notable increase in the number of members employed by businesses involved in agriculture farms, coffee plantations, sugar, rubber plantations, tiles, etc. Of the total net membership, around 41.94 per cent addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities, etc).