Updated February 20th, 2024 at 19:41 IST

EPFO records 15.62 lakh new members in December 2023

The age group of 18 to 25 years old constituted 57.18 percent of all new members, indicating a notable trend.

Reported by: Business Desk
EPFO: PF Account Merger Method | Image:Instagram
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EPFO records new members: The Employees' Provident Fund Organisation (EPFO) revealed a notable surge in membership, adding 15.62 lakh new members in December 2023, as per the latest payroll data.

According to a statement from the Ministry of Labour, December witnessed an 11.97 per cent increase in net member addition compared to the previous month.

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The provisional data underlined a 4.62 per cent rise in new member additions in December 2023 compared to the same month in 2022.

EPFO attributed this growth to various factors, including increased job opportunities, rising awareness of employee benefits, and the effectiveness of its outreach initiatives.

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Notably, around 8.41 lakh new members joined in December 2023, marking a 14.21 per cent increase from November 2023.

Inclusive workforce

The surge in female member additions signals a shift towards a more inclusive workforce.

A striking trend was the dominance of the 18–25 age group, constituting 57.18 per cent of the total new members added in December.

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Additionally, approximately 12.02 lakh members exited and rejoined EPFO-covered establishments, opting to transfer their accumulations instead of seeking final settlement.

Gender-wise, around 2.09 lakh new female members joined EPFO in December, reflecting a 7.57 per cent increase from November.

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Regionally, Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Haryana led in net member additions, accounting for 58.33 per cent of the total.

Industry-wise, notable growth was observed in sectors such as iron and steel, building and construction, and general insurance.

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EPFO emphasised that the data is provisional, as updating employee records is an ongoing process, with monthly updates ensuring accuracy.

Since April 2018, EPFO has been releasing payroll data from September 2017 onwards, providing insights into employment trends and workforce dynamics.

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(with PTI inputs)

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Published February 20th, 2024 at 19:41 IST