The Employees’ Provident Fund Organisation (EPFO) has reported a net increase of 13.96 lakh new subscribers in February 2023, as per the provisional payroll data released on Thursday.
This indicates that EPFO has added 13.96 lakh net members during the month of February 2023.
According to a statement from the labor ministry, out of the 13.96 lakh new members added to EPFO during the month, approximately 7.38 lakh members are joining EPFO for the first time.
The statement noted that the age group with the highest enrollment among the newly joined members is 18-21 years, with 2.17 lakh members, followed by the age group of 22-25 years with 1.91 lakh members.
Approximately 55.37 percent of the total new members added during the month fall within the age group of 18-25 years, suggesting that the majority of individuals joining the organized workforce in the country are seeking their first-time employment opportunities.
The data also reveals that approximately 10.15 lakh members have re-joined EPFO membership, marking an 8.59 percent increase compared to the previous year.
These members have transitioned to new jobs and have chosen to re-join establishments covered under EPFO, opting to transfer their accumulated funds instead of applying for final settlement.
This decision extends their social security protection under EPFO.
An analysis of payroll data based on gender reveals that the enrollment of net female members in February 2023 has been 2.78 lakh, accounting for approximately 19.93 percent of the total net member addition for the month.
Out of the total female members, 1.89 lakh are new joiners, accounting for approximately 25.65 percent of all new joinees.
In terms of female participation, both the net addition of female members and the new addition of female members have shown the highest proportion in the last four months, suggesting a growing trend of women’s participation in the organized workforce, as mentioned in the statement.
The payroll figures at the state level reveal that states such as Tamil Nadu, Andhra Pradesh, Jharkhand, and West Bengal are experiencing a month-on-month growing trend in net member additions.
In terms of net member addition, the top 5 states are Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Delhi.
The combined net member addition in these states accounts for 58.62 percent of the total for the month.
Maharashtra is leading the chart among all the states, contributing 20.90 percent of the net members added, followed by Tamil Nadu with 11.92 percent.
The industry-wise analysis of payroll data reveals that the category of ‘Expert Services’, which includes manpower suppliers, normal contractors, security services, miscellaneous activities, etc., constitutes 41.17 percent of the total member addition during the month.
Comparing the industry-wise data with the previous month, higher enrolments have been observed in industries such as leather products, garment-making, establishments engaged in rendering courier services, fish processing, and non-vegetarian food preservation, among others.
The payroll data provided is provisional as data generation is an ongoing process, and previous data is updated every month.
EPFO has been releasing payroll data since April 2018, covering the period from September 2017 onwards.
The monthly payroll data includes the count of members who join the EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members who exit from EPFO coverage, and those who exit but later re-join as members.
The net monthly payroll is derived from these calculations.
EPFO, or Employees’ Provident Fund Organisation, is a social security organization that is responsible for providing benefits in the form of provident, pension, and insurance funds to the organized workforce of the country.
It operates in accordance with the provisions of the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
