The Government Authority that promotes employee members to save funds for retirement, EPFO or The Employee’s Provident Fund organisation, got 16.82 lakh subscribers alone in September month, informed the Labour Ministry on Sunday.
EPFO Increases Massive Subscribers
Payroll data, when compared on yearly basis, shows an increase of 9.14 per cent in net membership for September month of this year, when compared to the same timeline of 2021, said the Ministry.
Under Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, approx. 2,861 new establishments started coordinating.
“The net enrolment during the month is 21.85 per cent higher than the monthly average recorded during the last fiscal, according to the provisional payroll data of Employees’ Provident Fund Organisation (EPFO)”, mentioned financial express.
Out of all 16.82 lakh, subscribers added to EPFO, approx 9.34 lakh have opted for the EPFO service coverage for the very first time, as data suggests.
If we sort the data age-wise, then mostly the new members aged between 18-21 years have
opted for EPFO services with 2.94 lakh in numbers and followed by 2.54 lakh members aged between 21-25 years. So, around 58.75 per cent of the members belong to the age group of 18-25 years.
“This shows that first-time job seekers are joining the organized sector workforce in large numbers following their education and new jobs in the organized sector are largely going to the youth of the country”, said the Labour Ministry’s statement.
During this timeline, around 7.49 lakh members exited and rejoined the EPFO coverage after switching jobs and they did not opt for a final settlement. Instead, they transfer their PF amount from the previous account to the new one.
The payroll data suggests that the number of existing EPFO members is decreasing constantly. The data shows a constant decline for the past three months.
“Month-on-month comparison shows that around 9.65 per cent lesser members have exited EPFO during the month of September 2022 as compared to the previous month”, the statement further reads.