The share of 18-25 age group in the total new members added is 57.18 percent. This shows that most of the members joining the organized sector workforce of the country are youth.
Employees’ Provident Fund Organization (EPFO), the government body that manages the retirement fund, has said in the latest payroll data released on Tuesday that it added a net of 15.62 lakh members during December 2023. According to the language news, according to the Labor Ministry, an increase of 11.97 percent has been recorded in the number of members during December 2023 as compared to the previous month. According to the provisional payroll data, the net addition of 15.62 lakh members by the body in December is 4.62 percent more than in December 2022.
About 8.41 lakh new members joined
According to the news, data shows that during the month under review, about 8.41 lakh new members were nominated. The share of 18-25 age group in the total new members added during this period is 57.18 percent. This shows that most of the members joining the organized sector workforce of the country are youth. According to the data, in the month under review, about 12.02 lakh members who had gone out of EPFO schemes came back.
About 2.09 lakh new members are women
According to the statement, out of the 8.41 lakh new members added, about 2.09 lakh are women members, who have joined EPFO for the first time. This is an increase of 3.54 percent compared to November 2023. Maximum members participated from Maharashtra, Gujarat, Tamil Nadu, Karnataka and Haryana. These states contributed about 58.33% of the net member addition, adding a total of 9.11 lakh net members during the month. Among all states, Maharashtra leads with 21.63% net member addition during the month.
Updating employee records is a frequent process
The above payroll data is provisional as data generation is a frequent process, as updating employee records is a frequent process. Therefore the previous data is updated every month. From the month of April-2018, EPFO is releasing payroll data covering the period from September, 2017 onwards. In the monthly payroll data, count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting the coverage of EPFO and those who exited but re-joined as members. , they are taken to arrive at the net monthly.
