The Employees’ Provident Funds Organisation (EPFO) added 16.82 lakh net members in September 2022, an increase of 9.14 per cent over the corresponding period of last year.
New Delhi, Nov 20,2022: The Employees’ Provident Funds Organisation (EPFO) added 16.82 lakh net members in September 2022, an increase of 9.14 per cent over the corresponding period of last year.
According to data released by the EPFO, the net enrolment during the month was 21.85 per cent higher than the monthly average recorded during the last fiscal.
As per data, 2,861 new establishments started complying under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees.
Of the total 16.82 lakh members added during the month, around 9.34 lakh new members have come under the coverage of EPFO for the first time.
Among the new members, the highest number was registered for age group of 18-21 years with 2.94 lakh members. This was followed by age group of 21-25 years with 2.54 lakh members.
Approximately 58.75 per cent members are from the age-group of 18-25 years. This shows that first-time job seekers are joining organised sector workforce in large numbers following their education and new jobs in organised sector are largely going to the youth of the country, official sources said.