May 22, 2023: The Employees’ Provident Fund Organisation (EPFO) added 13.40 lakh net members in March 2023, payroll data released by the pension fund boy show. The numbers released on May 20 show that during the financial year 2022-23, around 1.39 crore net members have been added by the EPFO with an increase of 13.22% compared to the previous financial year 2021-22 when the organisation had added approximately 1.22 crore net members.
Of the 13.40 lakh members added during the month, around 7.58 lakh new members have come under the EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age-group of 18-21 years with 2.35 lakh members, followed by the age-group of 22-25 years with 1.94 lakh members. The age-group of 18-25 years constitutes 56.60% of total new members added during the month. This age-wise comparison of payroll data indicates that majority of the members joining the organised sector workforce of the country are first-time job seekers.
The data also highlight that approximately 10.09 lakh members re-joined the EPFO membership. These members switched their jobs and re-joined the establishments covered under the 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 reflect that enrolment of women has been 2.57 lakh in March 2023, which is around 19.21% of the net member addition for the month. Of these, 1.91 lakh female members are the new joinees. This is around 25.16% addition of all the new joinees.
State-wise payroll figures highlight that month-on-month growing trend in net member addition is reflected in the states of Haryana, Uttarakhand, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir, Mizoram, etc. In terms of net member addition, the top-5 states are Maharashtra, Tamil Nadu, Karnataka, Haryana and Gujarat. These states together constitute 58.68% of net member addition during the month. Of all the states, Maharashtra is leading by adding 20.63% of net members followed by the state of Tamil Nadu with 10.83% during the month.
The classification of industry-wise payroll data indicates that ‘expert services’ (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.) constitutes 43.72% of total member addition during the month. Comparing industry-wise data with that of previous month, higher enrolments have been noticed in industries namely, ‘expert services’, ‘hotels’, ‘medical practitioners’, ‘banks other than nationalised banks’, etc.
From April 2018, the EPFO has been releasing payroll data covering the period September 2017 onwards. In monthly payroll data, the count of members joining the EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of the EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll.
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