EPFO adds 15.29 lakh net members in Oct
New Delhi, December 20
The Employees Provident Fund Organisation (EPFO) has reported a substantial surge in its membership, with a total of 15.29 lakh net members joining in October this year. This marks an impressive 18.22% increase in net membership compared to the same period last year.
As per data, in October 2023, approximately 7.72 lakh new members were brought under the social security coverage of EPFO. In a year-on-year analysis of new member additions, there has been a 6.07% growth in the current month compared to October 2022.
Witnesses 18.22% increase
- This marks an impressive 18.22% increase in net membership compared to the same period last year
- According to the data, approximately 7.72 lakh new members were brought under the social security coverage of EPFO in the month
- In new member additions, there has been a 6.07% growth in the current month compared to October 2022
State-wise analysis of data denotes that net member addition is the highest in five states of Haryana, Delhi, Maharashtra, Tamil Nadu and Karnataka. These states constitute around 58.92% of net member addition, adding a total of 9.01 lakh members during the month, even of all the states, Maharashtra is leading by adding 22.04% of net members during the month. Interestingly, the age group of 18-25 years accounts for a significant 58.60% of the total new members added during the month.
The payroll data further illustrates that approximately 11.10 lakh members exited but subsequently rejoined EPFO. This pattern indicates job-switching among employees, with individuals choosing to transfer their accumulations rather than opting for final settlements.
