EPFO adds 18.23 lakh net members in July
Ravi S Singh
New Delhi, September 21
The Employees Provident Fund Organisation (EPFO) has added 18.23 lakh net members in the month of July – a manifestation of the continuing trend of bounce back of the economy and its positive spinoff on the related job market, post covid.
The latest data on EPFO membership released by the Union Labour Ministry says that the year-on-year comparison of payroll figures reflects an increase of 24.48 per cent in net membership addition in July as compared to the corresponding month during last year.
A highlight of the data is that out of the total members added, around 10.58 lakh new members have come under the social security cover of the EPFO for the first time.
As much as about 57.69 per cent are from the age-group of 18-25 years.
The ministry sees this as a positive development as the first first-time job seekers are joining organised sector workforce in large numbers following their education. The underlying message is that the new jobs in the organised sector are largely going to the youth of the country.
Gender-wise analysis of payroll data indicates that enrolment of net female members has been 4.06 lakh in July.
Year-on-year comparison of enrolment data shows that new membership of females in organised workforce has increased by 34.84 per cent in July in comparison with the new female membership during the previous year.
The ministry’s analytics of the data is that among the total new members joining the EPFO during the month, enrolment of female workforce is recorded as 27.54 per cent, the highest in the last 12 months.
“This indicates that female participation is rising in the organised workforce with respect to new members joining the EPFO,” the ministry said.
