Data Alert
EPFO adds net 1.9 mln subscribers in June, up 8% on year
This story was originally published at 20:43 IST on 20 August 2024
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NEW DELHI – The Employees' Provident Fund Organisation net added 1.93 mln subscribers in June, up 7.9% on year, according to data released today by the labour ministry. The EPFO net added 1.95 mln subscribers in May.
"This surge in membership can be attributed to numerous factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programs," the ministry said.
Of the 1.93 mln subscribers added in June, around 1.03 mln came under the social security cover of the EPFO for the first time. The age group of 18-25 years constituted 59.1% of the total new members added in the month. "This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youths, primarily first-time job-seekers," the ministry said.
The first-time members included around 298,000 female members. The net female member addition during the month was around 428,000, 8.9% higher on year. Around 1.42 mln members exited but rejoined EPFO by switching jobs within the establishments covered by the organisation in June.
A monthly comparison of industry-wise data displayed growth in members working in establishments engaged in industries like universities and colleges, financing establishments, general insurance, and electronic media companies in the private sector. Of the net additions in June, 40.7?me from expert services such as manpower suppliers, contractors, and security services. End
Reported by Priyasmita Dutta
Edited by Rajeev Pai
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