16.99 lakh employees enrolled for EPFO: Ministry of labour
Gujarat is among the top five states where employees are enrolled in EPFO
Updated: Oct 21st, 2023
The centre-backed Employees’ Provident Fund Organisation (EPFO) scheme added 16.99 lakh members in August this year, said the ministry of labour and employment, in a statement released on Oct 20.
EPFO is a social security organisation that enables any salaried individual to save and also creates a pension fund as their companies deposit a certain percentage of money from the member employee’s salary into an EPFO account.
The numbers have shown a slight surge as compared to last year.
During August, a total of 3210 different companies or organisations deposited their first ECR (electronic challan cum return) and have been brought under the social security scheme of EPFO.
Youth opt for EPFO
As per the numbers for August, 9.22 lakh young employees up to the age group 18-25 years constitute new registrations, forming 58.36% of the total new members added during the month.
About 11.88 lakh members exited and rejoined EPFO during the month, registering an increase of 10.13% compared to the same period of last year.
“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,” said the ministry of labour and employment.
However, the data also suggests the number of members opting out of EPFO has seen a steady decline in the last two months.
Women, transgenders enrolled for ESIC
Gender-wise analysis of payroll data indicates that net enrolment of female members has been 3.73 lakh in August, 2023. The data shows that a total 75 transgender employees have also registered.
Around 3.43 lakh women members joined EPFO again in July 2023, out of whom 2.44 lakh women registered with this social security for the first time.
Gujarat among the top five states opting for EPFO
Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat were the top five states in terms of net member additions during Aug 2023. These states collectively enrolled 9.96 members during the month, which constitutes around 58.64% of the net member addition.
