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Business News/ News / India/  EPFO adds 13.4 lakh net members in March, showing steady growth
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EPFO adds 13.4 lakh net members in March, showing steady growth

Through the financial year 2022-23, EPFO witnessed the addition of around 1.39 crore net members, marking a significant growth of 13.22%

Around 7.58 lakh individuals joined EPFO for the first time in March. (Photo: Mint)Premium
Around 7.58 lakh individuals joined EPFO for the first time in March. (Photo: Mint)

New Delhi: The Employees‘ Provident Fund Organisation (EPFO) added 13.40 lakh net members during March, according to the provisional payroll data released on Saturday. The figure indicates a notable increase in the workforce, demonstrating a positive trend for the EPFO in its efforts to expand coverage, it added.

Through the financial year 2022-23, EPFO witnessed the addition of around 1.39 crore net members, marking a significant growth of 13.22% compared to the previous fiscal year, where approximately 1.22 crore net members were added.

Among the new members added in March, around 7.58 lakh individuals joined EPFO for the first time. The majority of these newcomers, accounting for 56.60% of the total, fell within the age group of 18-25 years, with 2.35 lakh members in the 18-21 age bracket and 1.94 lakh members in the 22-25 age bracket. This age-wise analysis suggests that a significant portion of the organized sector workforce consists of young job seekers.

The data also reveals that approximately 10.09 lakh members rejoined EPFO membership after switching jobs. These individuals chose to transfer their accumulations and continue their social security coverage, emphasizing the value of EPFO’s comprehensive protection.

Examining the payroll data by gender, it is observed that 2.57 lakh net female members were enrolled in March 2023, constituting around 19.21% of the net member addition for the month. Among these, 1.91 lakh female members were new joiners, accounting for 25.16% of all new enrolments.

State-wise analysis highlights a growing trend in net member addition in states such as Haryana, Uttarakhand, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir, and Mizoram. In terms of net member addition, the top five states are Maharashtra, Tamil Nadu, Karnataka, Haryana, and Gujarat. Together, these states contribute to 58.68% of the net member addition in March. Maharashtra leads the way with 20.63% of net members added, followed by Tamil Nadu with 10.83%.

Looking at industry-wise data, the “expert services" category, which includes manpower suppliers, contractors, security services, and other related activities, accounts for 43.72% of the total member addition in March. Comparing the data with the previous month, notable enrolments were observed in industries such as “expert services", hotels, medical practitioners, and non-nationalized banks.

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Published: 20 May 2023, 05:57 PM IST
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