Uptick in EPFO additions as youths join organised sector in large numbers: Govt

Uptick in EPFO additions as youths join organised sector in large numbers: Govt

First-time job seekers are joining the organised sector in large numbers following their education and new jobs in the sector are largely going to the youth of the country, the Union labour and employment ministry said in an official statement on Tuesday.

According to the provisional payroll data of Employees’ Provident Fund Organisation (EPFO) released on September 20, the national social security body added 1.823 million net members in just July. A year-on-year comparison of payroll data reflects an increase of 24.48% in net membership addition for the month.

Of the members added in July, around 1.058 million new members have come under the social security cover of EPFO for the first time, the ministry said. The data of new members joining EPFO shows a growing trend since April this year, wherein out of the 1.058 million new members, approximately 57.69% fall into the age-group of 18-25 years.

Gender analysis of the data showed that enrolment of net female members stood at 406,000 in July, up by 34.84% year-on-year.

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The data also indicated that higher enrolments were noticed in areas such as schools, building and construction, financing establishment, among others.

However, around 407,000 members exited from EPFO, while 1.172 million exited and rejoined the social security system.

“These members have chosen to retain their membership through transfer of funds rather than opting for final settlement. This may be attributed to various e-initiatives taken by EPFO for seamless and uninterrupted service delivery,” the ministry said in a statement.

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