EPFO Records Highest Payroll Addition with 18.75 Lakh Net Members in July 2023

New Delhi, September 21, 2023 – The Employees’ Provident Fund Organization (EPFO) has achieved a significant milestone by adding 18.75 lakh net members to its payroll in the month of July 2023, according to provisional payroll data released today. This achievement marks the highest monthly addition since the first publication of EPFO payroll data in April 2018, covering the period from September 2017 onwards. The data also reveals a consistent trend, with an increase of approximately 85,932 net members compared to the previous month of June 2023.

Youth Enrollment Surges

One notable aspect of this data is the substantial enrollment of young individuals. Around 10.27 lakh new members joined EPFO in July 2023, marking the highest number since July 2022. Among these, a significant 58.45% fall in the age group of 18-25 years. This surge in youth enrollment signifies an increasing trend among first-time job seekers who are entering the organized sector workforce in the country.

Rejoining for Social Security

The payroll data also indicates that approximately 12.72 lakh members exited EPFO but subsequently rejoined. This is the highest such rejoining in the last 12 months. These members switched jobs and opted to transfer their accumulations rather than applying for final settlement, demonstrating their commitment to extending their social security protection.

Gender Inclusivity

Gender-wise analysis of the payroll data reveals that around 3.86 lakh net female members were added to the payroll in July 2023. Moreover, approximately 2.75 lakh female members have come under the ambit of social security coverage for the first time. This reflects a positive step towards gender inclusivity in the workforce.

State-wise Growth

A state-wise analysis of payroll data highlights that the net member addition was the highest in five states: Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana. These states contributed to approximately 58.78% of the net member addition, adding a total of 11.02 lakh members during the month. Maharashtra, in particular, led the way by adding 20.45% of net members.

Industry-wise Trends

A month-on-month comparison of industry-wise data showcases significant growth in the number of members working in establishments engaged in Trading-Commercial Establishments, Building & Construction Industry, Electrical, Mechanical, and General Engineering Products. This growth was followed by industries such as Textiles, Financing Establishments, and Hospitals, among others. Expert services, including manpower suppliers, normal contractors, security services, and miscellaneous activities, accounted for approximately 38.40% of the total net membership addition.

Please note that the above payroll data is provisional, as data generation is an ongoing process involving continuous updates to employee records. EPFO has been consistently releasing payroll data since April 2018, covering the period from September 2017 onwards. The data includes the count of members joining EPFO for the first time through Aadhaar validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those who exited but re-joined as members to arrive at the net monthly payroll figure.

In summary, the robust addition of 18.75 lakh net members to EPFO’s payroll in July 2023 is indicative of a positive trend in employment and social security coverage, particularly among young job seekers in India.

---

Key Facts

📌 EPFO Records Highest Payroll Addition in July 2023:

• 💼 EPFO added 18.75 lakh net members in July 2023, the highest since April 2018.
• 📈 Trend shows continuous growth with an 85,932 member increase over the previous month.
• 👦 Majority (58.45%) of new members are in the 18-25 age group, reflecting increased youth enrollment.
• 🔄 Approximately 12.72 lakh members exited and rejoined EPFO, choosing to transfer accumulations.

📌 ESI Scheme Enrolls 19.88 Lakh New Workers in July 2023:

• 💼 ESIC added 19.88 lakh new employees in July 2023.
• 👦 47.9% of new registrations are young employees up to age 25.
• ♀️ Gender-wise, 3.82 lakh female members joined in July 2023.
• 🏳️‍⚧️ Benefits extended to 52 transgender employees under ESI Scheme.
• 🏢 27,870 new establishments registered, expanding social security coverage.

Also read Blackstone’s BCP Asia II secures CCI approval for a game-changing 72.49% stake acquisition in Quality Care India Limited.

Frequently Asked Questions (FAQs)

1. What does the EPFO’s addition of 18.75 lakh net members signify? The addition of 18.75 lakh net members to EPFO’s payroll in July 2023 signifies a significant increase in employment and social security coverage.
2. Why is the youth enrollment in EPFO particularly noteworthy? Youth enrollment is significant as it indicates an increasing trend among first-time job seekers entering the organized sector workforce.
3. What is the significance of members rejoining EPFO? Members rejoining EPFO demonstrates their commitment to extending their social security protection even when switching jobs.
4. How is EPFO promoting gender inclusivity in its workforce? EPFO has added approximately 3.86 lakh net female members to its payroll in July 2023, contributing to gender inclusivity in the workforce.
5. Which states have contributed the most to the net member addition? Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana were the leading states, contributing to nearly 58.78% of the net member addition in July 2023, with Maharashtra leading the way.
6. Which industries have shown significant growth in employment? Industries such as Trading-Commercial Establishments, Building & Construction Industry, Electrical, Mechanical, and General Engineering Products have shown substantial growth in employment, followed by Textiles, Financing Establishments, and Hospitals, among others.