The payroll data shows that around 10.67 lakh members left EPFO but rejoined EPFO.
EPFO: The provisional payroll data of the Employees' Provident Fund Organization (EPFO) released on Saturday shows that EPFO added a net 13.95 lakh members in November 2023. The cumulative net addition of members during the current financial year remains higher than that of the corresponding period of the year. last year.
The data shows that around 7.36 lakh new members have enrolled in November 2023. Among the newly joined members, the age group of 18-25 years constitutes 57.30% of the total number of new members added during the month, showing that the majority of members joining organized organizations The workforce in the country's sector consists of young people, who are mostly first-time job seekers.
The payroll data shows that around 10.67 lakh members left EPFO but rejoined EPFO. In fact, these members have changed jobs and rejoined the institutions that fell under the ambit of the EPFO and opted to transfer their accumulations rather than request a final settlement, thus affecting their social security protection was expanded.
Gender analysis of payroll data shows that of the total 7.36 lakh new members added during the month, around 1.94 lakh are new women members, who are joining EPFO for the first time. Moreover, the net number of women members during the month was approximately 2.80 lakh. The percentage of net women members to net subscribers stood at 20.05%, which is the highest since September 2023, indicating growing participation of women workers in the workforce in the organized sector.
Analysis of wage data shows that the net membership is highest in the five states/UTs of Maharashtra, Tamil Nadu, Karnataka, Haryana and Delhi. These states account for about 58.81% of the net membership addition, adding a total of 8.20 lakh members during the month. Among all states, Maharashtra leads by adding 21.60% net members during the month.
Monthly comparison of industry data shows significant growth in the number of members working in companies dealing with agricultural holdings, coffee plantations, sugar, rubber plantations, tiles etc. Of the total net membership, approximately 41.94% comes from expert members. services (consisting of labor suppliers, normal contractors, security services, miscellaneous activities, etc.).
The above salary data is preliminary as data generation is a continuous exercise as updating employee data is a continuous process. The previous data is therefore updated every month. From the month of April 2018, EPFO will release salary data for the period September 2017 and beyond. The monthly salary data assumes the number of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members opting out of EPFO coverage and those who have opted out but have rejoined as a member, to arrive at a net monthly amount. payroll.