EPFO adds 14.93 lakh net members in December

The provisional payroll data of Employees' Provident Fund Organisation (EPFO) highlights that EPFO has added 14.93 lakh net members in the month of December, 2022. Year-on-year comparison of payroll data reflects an increase of 32,635 in net membership addition in December, 2022 as compared to the corresponding month during last year in 2021. Out of 14.93 lakh members added during the month, around 8.02 lakh new members have come under the social security coverage of EPFO for the first time. Among the newly joined members, highest enrolment is registered in the age-group of 18-21 years with 2.39 lakh members, followed by the age-group of 22-25 years with 2.08 lakh members. The age-groups of 18-25 years constitutes 55.64% of total of new members during the month. This indicates that majority of the members joining EPFO are first-time job seekers who are joining organised sector workforce of the country. The data also highlights that approximately 3.84 lakh members exited while 10.74 lakh members exited and re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection.

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