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EPFO adds 1.39 crore net members during the FY23

May 22, 2023

By: BlinkX Research Team

The Employees' Provident Fund Organization (EPFO) added 13.40 lakh net members in the month of March, the Ministry of Labour & Employment informed on Saturday. 

During the financial year 2022-23, around 1.39 crore net members have been added by EPFO with an increase of 13.22% compared to the previous financial year 2021-22 wherein EPFO had added approximately 1.22 crore net members.

According to the statement, out of 13.40 lakh members added during the month, around 7.58 lakh new members have come under ambit of EPFO for the first time. 

Among the newly joined members, 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-groups of 18-25 years constitutes 56.60% of total new members added during the month. 

Further, this age-wise comparison of payroll data indicates that majority of the members joining organized sector workforce of the country are first-time job seekers.

The data also highlights that approximately 10.09 lakh members re-joined EPFO membership. These members 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.

EPFO is country’s principal organization responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the statute of EPF & MP Act, 1952.

Source: Media reports