Pune, August 21, 2023 – The Employees’ Provident Fund Organization (EPFO) has unveiled impressive statistics in its recent provisional payroll data released on August 20, 2023. The report highlights that a staggering 17.89 lakh net members were added to the EPFO in the month of June 2023. This number marks the highest growth in the past 11 months, reflecting a significant upswing in enrollment.
The data indicates that 3,491 establishments contributed to this surge by extending social security coverage of EPFO to their employees, a testament to the increasing importance of employee welfare and benefits in the corporate landscape. A month-on-month comparison reveals a burgeoning trend in enrollment, with a substantial 9.71% rise in net members compared to the previous month of May 2023. Furthermore, the total remittance data confirms that this marks the highest count in the past eleven months, dating back to August 2022.
A more in-depth analysis of the numbers reveals that around 10.14 lakh new members joined EPFO in June 2023, which is the highest recorded since August 2022. Significantly, the age group of 18 to 25 years constituted a notable 57.87% of the total new members added during the month. This trend underscores the increasing youth enrollment, particularly among first-time job seekers entering the organized sector workforce of the nation.
Further dissection of the payroll data indicates that approximately 12.65 lakh members exited and subsequently re-joined EPFO, predominantly due to job transitions. These individuals chose to transfer their accumulations instead of opting for final settlement, thus reinforcing their commitment to the social security umbrella provided by EPFO.
Breaking down the data by gender, out of the 10.14 lakh new members added during the month, approximately 2.81 lakh were new female members, signifying their growing participation in the organized workforce. Notably, the net female member addition during the month stood at around 3.93 lakh, marking the highest count since August 2022.
On a state-wise level, the significant surge in net member addition was particularly evident in Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana. These five states collectively contributed to around 60.40% of the net member addition, with Maharashtra leading the pack by contributing 20.54% of the net members added during the month.
Furthermore, when categorizing the data by industry, notable growth was observed in Trading-Commercial Establishments, Building & Construction Industry, Electrical, Mechanical and General Engineering Products, Textiles, Financing Establishments, Schools, Hospitals, and more. Notably, around 40.36% of the total net membership addition was from expert services, encompassing activities such as manpower suppliers, normal contractors, security services, and miscellaneous services.
