19.94 lakh new members added to EPFO in July; Highest till date

New Delhi| A net 19.94 lakh new members have joined the Employees’ Provident Fund Organization (EPFO) in July. This is the largest figure to date since payroll data began to be recorded since April 2018. This information was received from the data released by the Ministry of Labor and Employment on Monday. 10.52 lakh new members have joined EPFO in July. It has seen a gain of 2.66 per cent against June and 2.43 per cent against the same period last year.

Union Minister Mansukh Mandaviya said that the increase in the number of new members shows that employment opportunities are increasing in the country and EPFO’s outreach program is becoming successful. This is creating awareness among the employees about the benefits of EPFO.

The 14.65 lakh members who had earlier exited the EPFO system were back again in July. This figure increased by 15.25 per cent on an annual basis. On behalf of these members, instead of withdrawing the money present in PF, they have chosen to transfer it, which shows that more employees are choosing financial security. The highest acceleration has been observed among those aged 18 to 25. 8.77 lakh new members of this age group have joined in July.

The number of new women members joining EPFO in July was 3.05 lakh. It saw an increase of 10.94 percent on an annual basis. A net total of 4.41 lakh women were linked to EPFO in July, the highest figure ever since the data was recorded. It has seen an increase of 14.41 per cent on an annual basis.

According to the ministry’s data, Maharashtra, Karnataka, Tamil Nadu, Haryana and Gujarat account for 59.27 per cent of the total members associated with EPFO in July. Maharashtra has the highest number of members among all states and union territories at 20.21 percent. Expert Services sector accounts for 38.91 percent of the net increase in EPFO members. This includes manpower suppliers, contractors, security services and others.