EPFO membership skyrockets in June 2023; highest since August 2022
The Employee Provident Fund Organization (EPFO) in India saw a significant surge in membership, adding 17.89 lakh members in June 2023 on a net basis. This impressive growth marks the highest enrollment since August 2022, boasting a 9.71% net member growth compared to May 2023. Furthermore, the data also reveals the highest overall remittance in the past eleven months.
Youth and rejoining members boost enrollment
June's data showcases a notable rise in youth enrollment, with 57.87% of new members aged between 18 and 25. This trend suggests that an increasing number of first-time job seekers are joining the organized workforce. In addition, 12.65 lakh members who previously exited the EPFO have rejoined, choosing to transfer their accumulations rather than applying for final settlements. This decision extends their social security protection.
Female members, 5 states drive growth
A gender-wise analysis reveals that out of the 10.14 lakh new members, around 2.81 lakh are female, marking the highest percentage of new female members in the last 11 months. On the other hand, state-wise data indicates that Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana lead in net member additions, accounting for 60.4% of the total increase. These states added a total of 10.8 lakh members.
