EPFO Update: 16.30 lakh people joined the Employees Provident Fund Organization in the month of May. Although this number is less than the month of April. About 17.20 lakh new members were added during April.
Employees’ Provident Fund Organization (EPFO) net added 16.30 lakh subscribers in May this year. This information was given in the official data released on Thursday. The Labor Ministry said in a statement that the data shows that 3,673 establishments have included their employees in the social security net of EPFO in May. A statement from the Ministry of Labor and Employment said that according to the data, about 8.83 lakh new members enrolled during May, 2023 is the highest during the last six months.
Although this number is less than the month of April. About 17.20 lakh new members were added during April. On the other hand, according to the new data released by the government, during May 2022, about 16.80 lakh new employees were added to EPFO. That is, so many employees have got new jobs in May.
EPFO adds 16.30 lakh net members, around 8.83 lakh new members, during May 2023
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18-25 year olds hold 56.42% Among the new shareholders, 18-25 year olds account for 56.42 percent of the employees in the 18-25 year old age group. This shows the rise in organized employment of the youth. Although about 11.41 lakh subscribers withdrew from EPFO in May, but they also joined it again. This gives indications of their leaving one job and doing another job.
3.15 lakh women are part of EPFO
Analysis of payroll data shows that out of 8.83 lakh new employees who became part of EPFO for the first time this month, about 2.21 lakh were women. Purely 3.15 lakh women became part of EPFO in May. At the state level, Maharashtra, Tamil Nadu, Karnataka, Haryana and Gujarat lead in terms of net shareholders. These five states accounted for 57.85 percent of the net shareholders in the month.