New Delhi: Retirement fund body EPFO has recorded net member addition of 16.99 lakh in August 2023, according to the payroll data released on Friday.
A Labour Ministry statement said that the year-on-year comparison of payroll data reflects a marginal increase in net members over the previous year of August 2022.
As many as 3,210 establishments extended social security cover of the EPFO to their employees by remitting their first ECR during the month. The data indicates that around 9.26 lakh new members have enrolled during August 2023.
Among the newly joined members, the age-group of 18-25 years constitutes 58.36 per cent of the total new members added during the month. This indicates that most of the first-time job seekers are youth joining the organised sector workforce in large numbers.
The payroll data depicts that approximately 11.88 lakh members exited & rejoined EPFO, showing an increase of 10.13 per cent compared with the previous year in August 2022.
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.