EPFO records highest payroll addition with 18.75 lakh net members during the month of July

September 21,2023

EPFO's provisional payroll data highlights that EPFO has added 18.75 lakh net members in the month of July, 2023. The addition during the month is the highest since first publishing of EPFO payroll data from April, 2018 covering the period of September, 2017 onwards. A growing trend is continued since last three months with an increase of around 85,932 net members over the previous month of June, 2023. The data indicates that around 10.27 lakh new members have enrolled during July, 2023 which is highest since July, 2022. Majority of new members joining EPFO are in the age-group of 18-25 years constituting roughly 58.45% of total new members addition during the month. This shows an increasing trend in youth enrollment, who are mostly first-time job seekers joining the organized sector workforce of the country. Payroll data demonstrates that approximately 12.72 lakh members exited but rejoined EPFO, which is the highest in last 12 months. 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.

Powered by Capital Market - Live News