New Delhi, Feb 20: The latest data released by the Employees’ Provident Fund Organisation (EPFO) on Tuesday revealed a significant surge in employment payroll, with 15.62 lakh net members added in December 2023, marking the highest increase in the past three months.
Compared to November, there was an impressive 11.97% rise in net EPFO member additions during December.
Year-on-year analysis indicates a growth of 4.62% in net member additions compared to December 2022.
The Labour Ministry attributed this surge in membership to several factors, including increased employment opportunities and the effectiveness of EPFO’s outreach programs.
In December 2023, approximately 8.41 lakh new members were enrolled, the highest in the last three months, representing a 14.21% increase compared to November 2023.
Notably, the 18-25 age group constituted 57.18% of the total new members, highlighting a trend where a significant portion of the organized workforce comprises youth, primarily first-time job seekers.
The data also revealed that around 12.02 lakh members exited and rejoined EPFO-covered establishments, marking a notable 12.61% increase compared to November 2023.
Gender-wise analysis showed that out of the 8.41 lakh new members, approximately 2.09 lakh were female, marking the highest addition of female workforce in the last three months.
State-wise analysis indicated that Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Haryana recorded the highest net member additions, constituting around 58.33% of the total additions.
Of these, Maharashtra led with a 21.63% contribution to net member additions.
Industry-wise data showed significant growth in sectors such as Iron and Steel, Building & Construction, and General Insurance, with expert services contributing around 40.66% of the total net membership.
The EPFO clarified that the payroll data is provisional, as employee records are continuously updated, leading to monthly updates of previous data.
