EPFO logs 20 lakh net new members in July

New Delhi: Retirement fund body EPFO recorded a net addition of 19.94 lakh members in July this year, the Labour Ministry said on Monday.

Union Labour Minister Mansukh Mandaviya said at a press conference that 10.52 lakh new or first-time workers subscribed to social security schemes run by Employees’ Provident Fund Organisation (EPFO). The minister said almost 20 lakh net new members addition (19.94 lakh) was recorded in July this year.

He also informed that 8.77 lakh members added in July are in the age group of 18-25 years. Nearly 6.25 lakh members aged between 18-25 years are first-time workers or new joinees, according to the latest data. About 59.4 per cent of new joinees fall in the 18-25 age bracket.

The data shows that employment of young people has increased. He also informed that 4.41 lakh female members were added by EPFO in July which includes 3.05 lakh new joinees.