EPFO Payroll Data: EPFO ​​adds 18.23 lakh net members; up nearly 25% YoY in July 2022

EPFO Payroll Data: The Employee Provident Fund Organization (EPFO) has added 18.23 lakh net members in the month of July 2022, this nearly 25 per cent increase on a year-on-year (YoY) basis in net membership addition, an official release of the Ministry of Labor & Employment said on Tuesday.

Of the total 18.23 lakh members, around 10.58 lakh new members have come under the social security cover of EPFO ​​for the first time, the statement said, adding that the data of new members joining EPFO ​​has shown a growing trend since April 2022.

Out of 10.58 lakh new members added, approximately 57.69 per cent are from the age group of 18-25 years of age, the ministry also noted.

“This shows that first-time job seekers are joining organized sector workforce in large numbers following their education and new jobs in organized sector are largely going to the youth of the country.”

In July, around 4.07 lakh members exited from the ambit of EPFO, and 11.72 lakh members exited and rejoined EPFO, the release said. It added that these members have chosen to retain their membership through transfer of funds rather than opting for final settlement.

Gender-wise analysis of payroll data indicates that enrollment of net female members has been 4.06 lakh in July 2022. The data shows that the new membership of females in organized workforce has increased by around 35 per cent YoY in July 2022.

Among the total new members joining EPFO ​​during the month, enrollment of the female workforce is recorded as 27.54 per cent, which is the highest in the last 12 months. This indicates that female participation is rising in the organized workforce with respect to new members joining EPFO.

State-wise payroll figures highlight that a month-on-month growing trend in net member addition was observed in the states of Tamil Nadu, Delhi, Telangana, Andhra Pradesh & Madhya Pradesh.

During the month, the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi continue to remain in lead by adding approximately 12.46 lakh, which is 68.36 per cent of total net payroll addition across all age groups.

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