EPFO adds 12.94 lakh net members in October 2022

The provisional payroll data of EPFO released on 20th December, 2022 highlights that EPFO has added 12.94 lakh net members in the month of October, 2022. Year-on-year comparison of payroll data reflects an increase of 21,026 in net membership in October, 2022 as compared to the corresponding month during last year in 2021. As per data, around 2,282 new establishments have started complying for the first time under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees.

Of the total 12.94 lakh members added during the month, around 7.28 lakh new members have been covered under social security cover of EPFO for the first time. Among the new members, highest number was registered for age group of 18-21 years with 2.19 lakh members. This was followed by age group of 22-25 years with 1.97 lakh members. Out of total new members joined, approximately 57.25% are from the age-group of 18-25 years of age. During the month, approximately 5.66 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of opting for final settlement.

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