EPFO adds 14.41 lakh net members in March

Retirement fund body EPFO has recorded a net addition of 14.41 lakh members in March this year, according to the latest payroll data released on Monday. The payroll data highlighted that approximately 11.80 lakh members exited and subsequently rejoined the EPFO (Employees' Provident Fund Organisation), a labour ministry statement said. According to the statement, these members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection. Gender-wise analysis of payroll data unveils that out of 7.47 lakh new members, around 2 lakh are new female members. Also, the net female member addition during the month stood at around 2.90 lakh. The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce.

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