18.23L members joined EPFO in July 2022; 4.06L was female

Around 10.58 lakh new members have joined EPFO for the first time out of the total 18.23 lakh members added during the month.

By Newsmeter Network  Published on  20 Sep 2022 1:31 PM GMT
18.23L members joined EPFO in July 2022; 4.06L was female

Hyderabad: The Employee Provident Fund Organisation (EPFO) added 18.23 lakh net members in July 2022, according to the provisional payroll data released on 20 September. This is a 24.48% increase in net membership compared to the same month last year.

Around 10.58 lakh new members have joined EPFO for the first time out of the total 18.23 lakh members added during the month.

Since April 2022, the number of new members joining EPFO has been increasing. Out of the 10.58 lakh new members added, approximately 57.69% are between the ages of 18 and 25. This demonstrates that first-time job seekers are joining the organised sector workforce in large numbers after completing their education, and new jobs in the organised sector are primarily going to the country's youth.

During the month, approximately 4.07 lakh members left EPFO and 11.72 lakh members left and rejoined EPFO. These members have chosen to keep their membership through funds transfer rather than a final settlement.

According to a gender-based analysis of payroll data, the enrolment of net female members in July 2022 was 4.06 lakh. A year-on-year comparison of enrolment data shows that new female membership in the organised workforce increased by 34.84% in July 2022 when compared to the previous year's new female membership in July 2021.

The new female members comprise 27.54% of the total new members who joined in July, the highest in the last 12 months. This indicates that female participation in the organised workforce is increasing.

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