New Delhi, Sep 23 (IANS) The Employees’ Provident Fund Organisation (EPFO) added a net 19.94 lakh new members in July, the highest ever since payroll data began being recorded after April 2018, according to data released by the Ministry of Labour and Employment on Monday.
10.52 lakh new members have joined EPFO in July. There has been an increase of 2.66 percent compared to June and 2.43 percent compared to the same period last year.
Union Minister Mansukh Mandaviya said that the increase in the number of new members shows that employment opportunities are increasing in the country and EPFO’s outreach program is being successful. This is creating awareness among employees about the benefits of EPFO.
14.65 lakh members who had earlier opted out of the EPFO system had rejoined in July. This figure is an increase of 15.25 percent year-on-year. These members have opted to transfer the money in PF instead of withdrawing it, which shows that more employees are opting for financial security.
The highest growth has been seen among people in the age group of 18 to 25. In July, 8.77 lakh new members of this age group have joined.
The number of new women members joining EPFO in July was 3.05 lakh. It saw an increase of 10.94 percent on an annual basis. A net total of 4.41 lakh women joined EPFO in July, the highest ever since the data was recorded. It saw an increase of 14.41 percent on an annual basis.
According to the ministry’s data, Maharashtra, Karnataka, Tamil Nadu, Haryana and Gujarat account for 59.27 per cent of the total members added to EPFO in July. Maharashtra has the highest number of members added among all states and union territories at 20.21 per cent.
The big thing is that the expert services sector has a 38.91 percent share in the net increase in EPFO members. This includes manpower suppliers, contractors, security services and others.
–IANS
ABS/ABM
