EPFO adds 13.95 lakh net members during November 2023
- Press Information Bureau
- January 23, 2024
The provisional payroll data released by the Employees' Provident Fund Organisation (EPFO) on January 20, 2024, underscores a significant addition of 13.95 lakh net members in November 2023. Notably, the cumulative net addition of members during the current financial year surpasses the corresponding period of the previous year.
The data reveals that around 7.36 lakh new members joined in November 2023. Among these, the age group of 18-25 years constitutes 57.30% of the total new members, highlighting that a majority of those entering the organized sector workforce are youth, predominantly first-time job seekers.
In an interesting trend, the payroll data indicates that approximately 10.67 lakh members exited but subsequently rejoined EPFO. These members opted to transfer their accumulations instead of applying for final settlement, demonstrating a preference for continuity and social security protection as they switched jobs and rejoined establishments covered under the EPFO.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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