The Employees’ Provident Fund Organisation (EPFO) has added about 17 lakh new members on a net basis in June. As per the data revealed by the Labour Ministry, 3,491 establishments have brought their employees under the EPFO’s social-security net, by submitting their initial ECR payments during June 2023. It is heartening to note that the number of youngsters joining the active workforce in the organised sector is growing. More than 50 per cent of the approximately 10.14 lakh fresh additions in June comprises those belonging to the 18 to 25 age bracket. That means, first-time job seekers are increasingly entering the workforce. Of these, 2.81 lakh first-time job seekers are women.
There has been a 9.71 per cent jump in net members in June, compared to May. Due to this jump, the remittance numbers have been the highest since August 2022.
Over 12 lakh members rejoined EPFO after changing jobs, opting to transfer the funds accumulated instead of going in for a final settlement. Clearly, members are keen to enjoy social security.
The number of women joining the organised workforce has been the highest in the last 11 months. The net female member addition for June reached around 3.93 lakh. The last time such a figure was witnessed was in August 2022.
Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana together account for 60.40 per cent of the overall net member addition. Maharashtra is the number one contributor accounting for 20.54 per cent of the total net member addition in the given month.
