Provident Fund Latest Update: The Union Labour Ministry on Friday said that the retirement fund body EPFO has added 16.26 lakh subscribers on a net basis in November 2022, which is 16.5 per cent higher compared to a year ago.
The provisional payroll data of the Employees’ Provident Fund Organisation (EPFO) released on Friday by the ministry highlighted that the EPFO has added 16.26 lakh net members in the month of November 2022.
The data from the EPFO indicate a 25.67 per cent increase in net additions compared to the previous month in October 2022, a labour ministry statement said.
Of the total 16.26 lakh members added during the month, around 8.99 lakh new members came under the ambit of EPFO for the first time thus, showing that new members joining EPFO has increased by 1.71 lakh, from 7.28 lakh in October 2022.
The Labour Ministry said among the new members, the highest enrolment is registered in the age group of 18-21 years with 2.77 lakh members, followed by the age group of 22-25 years with 2.32 lakh members.
The age group of 18-25 years constitutes 56.60 per cent of the total of new members during the month. This shows that first-time job seekers are largely joining the organised sector workforce of the country.
As per data, around 21,953 new establishments have been registered in the month of November 2022 under the Employees’ State Insurance Corporation ensuring social security coverage to their employees.
Of the total 18.86 lakh employees added during the month, the age group having higher registration was of 18-25 years with 8.78 lakh employees. Gender-wise analysis of ESIS payroll data indicates that the enrolment of net female members has been 3.51 lakh in November 2022.
(With inputs from PTI)
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