July 21, 2023: India’s pension fund body EPFO has added 16.30 lakh members in May, 2023, data show. Also, 3,673 establishments have extended social security cover of the EPFO to their employees by remitting their first ECR during the month.
Data indicate that around 8.83 lakh new members enrolled during May are the highest during the last six months. Among the newly joined members, the age-group of 18-25 years constitutes 56.42% of total new members added during the month. This indicates an increasing trend in youth employment, who are mostly first-time job seekers joining organized sector workforce of the country.
Around 11.41 lakh members exited but rejoined the EPFO who may have 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 show that out of total 8.83 lakh new members added during the month, around 2.21 lakh are new female members, joining the EPFO for the first time. Also, the net female member addition stood at around 3.15 lakh.
State-wise analysis of payroll data highlight that in terms of net member addition, the top five states are Maharashtra, Tamil Nadu, Karnataka, Haryana and Gujarat. These constitute around 57.85% of net member addition, adding a total of 9.43 lakh members during the month. Of all the states, Maharashtra is leading by adding 19.32% of net members during the month.
Month-on-month comparison of industry-wise data reveals significant growth has been witnessed in the establishments engaged in building & construction industry, garments making and electronic media companies in the private sector. This was followed by textiles, financing establishment, rubber products, etc. Of the total net membership, around 42.04% additions are from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
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