PROVIDENT FUND BODY ADDS 16.82 L MEMBERS IN SEP

NEW DELHI: The Employees’ Provident Fund Organization added 1.68 mn net members in September, an increase of 9.14% as compared to the same month in 2021, according to provisional EPFO payroll data released on Sunday.

The net enrolment during the month is 21.85% higher than the monthly average recorded during the last fiscal. As per data, around 2,861 new establishments have started complying with the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, ensuring social security cover for their employees. Of the total 1.68 mn members added during the month, around 934,000 have come under EPFO coverage for the first time. Among the new members, the highest number was registered for the age group of 18-21 years with 294,000 members. Approximately 58.75% are from the age-group of 18-25 years of age.

This shows that first-time job seekers are joining organized sector workforce in large numbers following their education and new jobs in the organized sector are largely going to the youth of the country, the ministry of labour said.