New Delhi, October 20 (IANS). The Employees’ Provident Fund Organization (EPFO) on Sunday said it has added a net 18.53 lakh members in the month of August. In comparison to August 2023, an increase of 9.07 percent has been registered on annual basis.
About 9.30 lakh new members have been registered in EPFO in August, which is 0.48 percent more than the new members added last year in August 2023.
The Ministry of Labor and Employment said, the addition of more members to EPFO symbolizes the increase in employment opportunities and increasing awareness about employee benefits, driven by the effective outreach initiatives of EPFO.
The ministry said that the important thing in this is that 59.26 percent of the new members joining in August 2024 are in the age group of 18 to 25 years. The net payroll data for the 18-25 age group for August 2024 is 8.06 lakh.
The ministry further said that this trend shows that the majority of people joining the organized workforce are youth, mainly first-time employees.
In August 2024, 13.54 lakh members have exited and rejoined EPFO. This number is 14 percent more than in August 2023.
EPFO has added about 2.53 lakh new women members and it has increased by 3.75 percent on a yearly basis. During this period, the net increase in the number of women members was approximately 3.79 lakh.
The contribution of the top five States/UTs to the net member growth is approximately 59.17 per cent. Maharashtra was on top with a share of 20.59 percent.
After this are Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana and Uttar Pradesh.
–IANS
ABS/ABM
