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EPFO Payroll Data: Employees’ Provident Fund Organization (EPFO) has reported that 17.20 lakh new subscribers were added in the month of April while only 13.40 lakh subscribers were added in March 2023. EPFO told that out of 17.20 lakh new subscribers added in April, 8.47 lakh are new members who are associated with social security coverage of EPF for the first time.
The Ministry of Labor and Employment has released the data of provision payroll of EPFO. The ministry said that 54.15 percent of the new members who have joined come from the age group of 18-25 years. The addition of such a large workforce in the 18-25 age group means that for the first time there is a large number of people working in the organized sector. According to the data, there are 12.50 lakh such people who had come out of EPFO but again they have become members of EPFO. Whereas in March 2023, the number of such people was 10.09 lakh.
These are the people who have changed the job and joined afresh in such an organization which comes under the purview of EPFO. These people have chosen the option of transfer of funds while remaining in their social security scheme and have not withdrawn money from the fund by making final settlement. In the month of April, there has been a decrease of 11.67 percent in the number of exits from EPFO as compared to March and this number has been 3.77 lakh.
In January 2023, 3.48 lakh women members have registered while in March this number was 2.57 lakh. 8.47 lakh new members have been added, out of which 2.25 lakh are new women members who have become members of EPFO for the first time. The number of women members in the new enrollment is 26.61 percent, which is the highest in the last six months.
If we look at the data of the workforce joining EPFO on the basis of industry month by month, the maximum growth has been seen in the sectors related to manufacturing and IT. After this, Electrical, Mechanical along with General Engineering Products and Trading Commercial Establishment are included.
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