The provisional payroll data of EPFO released on 20th November 2022 highlights that EPFO has added 16.82 lakh net members in September 2022.
Year-on-year comparison of payroll data reflects an increase of 9.14% in net membership addition in September 2022 as compared to the corresponding month during last year in 2021.
The net enrolment during the month is 21.85% higher than the monthly average recorded during the last fiscal.
As per data, around 2861 new establishments have started complying under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees.
Of the total 16.82 lakh members added during the month, around 9.34 lakh new members have come under the coverage of EPFO for the first time.
Among the new members, the highest number was registered for age group of 18-21 years with 2.94 lakh members. This was followed by age group of 21-25 years with 2.54 lakh members.
Approximately 58.75% are from the age group of 18-25. This shows that first-time job seekers are joining the organized sector workforce in large numbers and new jobs in the organized sector are largely going to the youth of the country.
State-wise payroll figures highlight that month-on-month growing trend in net member addition was observed in the states of Maharashtra, Gujarat, Uttar Pradesh, Rajasthan, Andhra Pradesh, Orissa, etc.
The states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi continue to remain in lead by adding approximately 11.41 lakh net members during the month, which is 67.85% of the total net payroll addition across all age groups.
EPFO is India’s principal organization responsible for offering social security coverage to the organised sector workforce under Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
It offers several services to its members including Provident Fund (PF), Pension benefits to the members on their retirement, and Family pension & Insurance benefits to their families in case of untimely death of the member.