Indian Economy News

Payroll Data: EPFO adds 15.62 lakh net members during December 2023

The Employees' Provident Fund Organisation (EPFO) achieved a notable feat in December 2023, adding a record 15.62 lakh net members. This marks an impressive 11.97% increase compared to November and a 4.62% rise year-on-year, reflecting growth fueled by increased employment opportunities, benefit awareness, and effective outreach programs. A closer look reveals encouraging trends. Over 8.41 lakh new members joined, with a significant 57.18% belonging to the young, first-time jobseeker demographic (18-25 age group). Additionally, around 12.02 lakh members exited and re-joined, demonstrating a commitment to the long-term financial security and social security benefits offered by EPFO. This figure represents a 12.61% increase compared to November and is the highest recorded in the past five months.

Furthermore, female participation is rising. December saw the highest number of new female members in the last three months (2.09 lakh), a 7.57% increase from November. This positive trend extends to net female member additions, which rose by 3.54% to 2.90 lakh. Geographically, Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Haryana contributed 58.33% of net member additions, with Maharashtra leading the way at 21.63%. Key industries like Iron and Steel, Building and construction, and General Insurance witnessed significant member growth, with 40.66% of net additions coming from expert services like manpower suppliers and security services.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.