EPFO adds 18.23 lakh net members in July 2022

Year-on-year comparison of payroll data reflects rise of 24.48% in net membership addition in July 2022.

September 21, 2022 8:28 IST | India Infoline News Service
The provisional payroll data of EPFO released on September 20, 2022 provides EPFO numbers where EPFO has added 18.23 lakh net members in the month of July 2022. Year-on-year comparison of payroll data reflects rise of 24.48% in net membership addition in July 2022 as compared to the corresponding month during last year in 2021.
Further, of the total 18.23 lakh members added during the month, around 10.58 lakh new members have come under the social security cover of EPFO for the first time. The data of new members joining EPFO has shown a rising trend since April 2022. Out of 10.58 lakh new members added, ~57.69% are from the age-group of 18-25 years of age. This indicates that first-time job seekers are joining organized sector workforce in large numbers.
During the month, around 4.07 lakh members exited from the ambit of EPFO and 11.72 lakh members exited and further rejoined EPFO. 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.
Gender-wise analysis of payroll data indicates that enrolment of net female members has been 4.06 lakh in July 2022 where yoy comparison of enrolment data shows that new membership of females in organized workforce has climbed by 34.84% in July, 2022 as compared with the new female membership during previous year in July 2021.
Among the total new members joining EPFO during the month, enrolment of female workforce is recorded as 27.54%, which is the highest in last 12 months. This shows that female participation is increasing in the organized workforce with respect to new members joining EPFO.

For feedback and suggestions, write to us at editorial@iifl.com

Invest wise with Expert advice



Open Demat Account

Invest wise with Expert advice

By continuing, I accept the Terms & Conditions and agree to receive updates on Whatsapp