The Employees’ Provident Fund Organization (EPFO) added a net 18.75 lakh members in July 2023. The maximum number of shareholders joining the organization in any one month.
This information was given in the data released on Wednesday about those getting jobs in the organized sector. This is the highest increase of 18.75 lakh members in any month since the EPFO payroll data was published since September 2017, the Labor Ministry said in a statement.
The number of EPFO members has been increasing for the last three months and in June the figure was 85,932. Data shows that around 10.27 lakh new members have enrolled during July 2023, the highest since July 2022.
Most of the new members are in the age group of 18-25 years.
Most of the new members joining EPFO are in the age group of 18-25 years. Their share in the total members is about 58.45 percent. The data of those who got jobs on regular salary shows that about 12.72 lakh members who had moved out rejoined EPFO. This rate is the highest in the last 12 months.
These members changed their jobs and rejoined the establishments under EPFO. Also they chose to transfer their deposits instead of applying for final settlement. According to the data, around 3.86 lakh women members joined EPFO during July 2023. About 2.75 lakh women members have come under the ambit of social security for the first time.
State-wise analysis shows that Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana had the highest net increase. The statement said the payroll data is provisional, as data collection is an ongoing process.
ESIC added 19.88 lakh members
Employees’ State Insurance Corporation (ESIC) has added 19.88 lakh new employees under its health insurance scheme ESI in July, 2023. The Labor Ministry said in a statement that according to the provisional payroll data of ESIC, 19.88 lakh new employees were added in the month under review. The statement said that during this period, about 27,870 new establishments were registered and brought under the social security ambit of ESIC.
The data shows that more jobs were created for the youth. Of the total 19.88 lakh employees added during this period, 9.54 lakh employees were below 25 years of age. Similarly, the net enrollment of women members in July was 3.82 lakh, while a total of 52 transgender employees were registered under the ESI scheme. The statement said the payroll data is provisional as data collection is an ongoing process.