June 21, 2023: The Employees Provident Fund Organisation (EPFO) has added 17.20 lakh new members in April 2023 as compared to the net addition of 13.40 lakh in March.
Out of 17.20 lakh members added during the month, around 8.47 lakh new members have come under the social security coverage of EPFO for the first time, EPFO’s provisional payroll data released on June 20 show.
“Among the newly joined members, the age-group of 18-25 years constitutes 54.15% of total new members added during the month. The age-group of 18-25 years indicates that majority of the members joining organised sector workforce of the country are mostly first-time job seekers,” the labour & employment ministry said in a statement.
Data also show an increasing number of re-joinees ─ 12.50 lakh members exited but rejoined the EPFO in comparison to 10.09 lakh in March. These are the members who would have switched their jobs and re-joined the establishments covered under the pension fund body and opted to transfer their accumulations instead of applying for final settlement.
As compared to the previous month, the number of exits has decreased by 11.67% with 3.77 lakh exits in April 2023. A year-on-year comparison also shows that exits have registered a decline for April.
Gender-wise analysis of payroll data reflects that enrolment of women members has been 3.48 lakh in April as compared to 2.57 lakh during March. Of the total 8.47 lakh new members added during the month, around 2.25 lakh are new women members, joining the EPFO for the first time. Women members have constituted about 26.61% of all new enrollments during the month indicating the highest participation in the past six months among the new members.
A pan-India analysis of payroll shows that month-on-month growing trend in net member addition is reflected in most of the states. Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Delhi constitute the top-five states contributing around 59.20% of net member addition during the month.
A month-on-month comparison of industry-wise data shows significant growth in manufacturing & IT-related sectors. Among the top-10 industries, highest growth has been witnessed in the establishments engaged in manufacture, marketing-servicing, usage of computers. This was followed by electrical, mechanical or general engineering products and trading-commercial establishments. Other major industries witnessing growing trend include garment making, textiles, building & construction and expert services.
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 EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll.
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