One of the World’s largest Social Security Organisations, the Employees’ Provident Fund Organisation (EPFO) has released its provisional payroll data.
EPFO added 15.29 lakh net members in October 2023. Year-on-year comparison of payroll data reflects an increase of 18.22% in net membership over the previous year during October 2022.
The data indicates that around 7.72 lakh new members have come under the social security coverage of EPFO during October 2023.
Comparing the year-on-year growth of the new members addition, an increase of 6.07% has been recorded during the current month, with that of October 2022.
Among these newly joined members, the age group of 18-25 years constitutes 58.60% of total new members added during the month. This shows that the majority of the members joining the organized sector workforce are first-time job seekers in this age group.
Payroll data also demonstrates that approximately 11.10 lakh members exited but rejoined EPFO. These members have 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 with EPFO.
Further, a declining trend in number of exits has been observed for the last 4 months. In absolute terms, a number of members exiting EPFO for October 2023 is the lowest in the last 12 months.
Gender-wise analysis of payroll data represents that out of the total 7.72 lakh new members added during the month, around 2.04 lakh are new female members, joining EPFO for the first time.
Also, the net female member addition during the month stood at around 3.03 lakh which is around 15% higher compared with the corresponding month of the previous year.
State-wise analysis of payroll data denotes that net member addition is highest in the 5 states of Maharashtra, Tamil Nadu, Delhi, Karnataka, and Haryana.
These states constitute around 58.92% of net member addition, adding a total of 9.01 lakh members during the month. Of all the states, Maharashtra is leading by adding 22.04% of net members during the month.
Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in the hotel industry, tea establishments, trading and commercial establishments, heavy-fine chemicals, companies offering life insurance, annuities, etc.
Of the total net membership, around 40.27% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities, etc.).
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