EPFO Adds 13.96 Lakh Net Members In The Month Of February 2023
The provisional payroll data of the Employees’ Provident Fund Organisation (EPFO) released on Thursday highlights that EPFO has added 13.96 lakh net members in the month of February 2023.
Out of 13.96 lakh members added during the month, around 7.38 lakh new members have come under ambit of EPFO for the first time. Among the newly joined members, highest enrolment is registered in the age-group of 18-21 years with 2.17 lakh members, followed by the age-group of 22-25 years with 1.91 lakh members. The age-group of 18-25 years constitutes 55.37% of total new members during the month. This indicates that majority of the members joining organised sector workforce of the country are first-time job seekers.
The data also highlights that approximately 10.15 lakh members re-joined EPFO membership which rose by 8.59% as compared to 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.
Gender-wise analysis of payroll data reflects that enrolment of net female members has been 2.78 lakh in February, 2023, which is around 19.93% of the net member addition for the month. Of these, 1.89 lakh female members are the new joinees. This is around 25.65% addition of all the new joinees. In terms of female participation, the net female member addition and new female member addition has registered highest proportion in the last four months. This indicates a growing trend of women participation in the organised workforce.
State-wise payroll figures highlight that month-on-month growing trend in net member addition is reflected in the states of Tamil Nadu, Andhra Pradesh, Jharkhand, West Bengal etc. In terms of net member addition, top 5 states are Maharashtra, Tamil Nadu, Karnataka, Gujarat, Delhi. These states together constitute 58.62% of net member addition during the month. Of all the states, Maharashtra is leading by adding 20.90% of net members followed by the state of Tamil Nadu with 11.92% during the month.
The classification of industry-wise payroll data indicates that ‘Expert Services’ (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.) constitutes 41.17% of total member addition during the month. Comparing industry-wise data with that of previous month, higher enrolments have been noticed in industries namely, ‘leather products’, ‘garment-making’, ‘establishments engaged in rendering courier services’, ‘fish processing and non-veg food preservation’ etc.
The payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process. The previous data hence gets updated every month. From the month of April-2018, EPFO has been releasing payroll data covering the period from September 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll.
EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organised workforce of the country covered under the provisions of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.
