New Delhi :Employees’ Provident Fund Organisation (EPFO) has added 16.94 lakh net subscribers in August this year. The provisional payroll data released by EPFO has revealed this. This is a growth of 14.40% when compared to the corresponding month during last year in 2021.
As per the data, around 9.87 lakh new members have come under the ambit of EPFO for the first time. Out of 9.87 lakh new members added, approximately 58.32% are from the age-group of 18-25 years of age. More than 7.07 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of submitting claims for final settlement.
Number of females newly joined is 3.63 lakh in August. The net membership of females in organized workforce has increased by 22.60% in August, 2022 comparing with the net female membership during previous year in August, 2021
EPFO is the country’s principal organization responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the EPF & MP Act, purview, 1952. The payroll data is provisional since the data generation is a continuous exercise, as the updation of employee records is a continuous process. The previous data hence gets updated every month.