According to data released on Monday by the Ministry of Labour and Employment, the retirement fund organisation EPFO added 14.86 lakh subscribers in January 2023. According to the ministry, 3.54 lakh members left EPFO, which was the “lowest exit” in the previous four months. Out of 14,86 lakh subscribers, approximately 7.77 lakh new members have joined EPFO for the first time.
About 10.62 lakh members re-joined the EPFO, according to the provisional payroll data that was released on Monday.
These members decided to transfer their accumulations rather than apply for final settlement when they changed jobs and re-joined EPFO-covered establishments. Thereby extending their social security coverage.
An analysis of payroll data by gender revealed that there were 2.87 lakh net female members in January 2023, of which 1.97 lakh were brand-new enrollees. This indicates that 68.61 percent of the net female members have joined EPFO for the first time.
Payroll data broken down by state showed that Delhi, Karnataka, Tamil Nadu, Gujarat, and Maharashtra added the most new EPFO members in January 2023. Together, these states contributed 58.85 percent of the month’s net member addition.
Maharashtra is leading among the states adding 22.73 percent of the total number of new members this month. According to the classification of payroll data by industry. The total number of new members added during the month makes up 40.64 percent of Expert Services. Which includes manpower suppliers, regular contractors, security services, other miscellaneous activities, etc.
The country’s organised labour is provided with social security benefits through the EPFO. A social security agency, in the form of provident, pension, and insurance funds.