EPFO adds 15.62 lakh net members in December 2023 as employment rises

EPFO’s data released on Tuesday highlighted that 15.62 lakh net members have been added to the employment payroll in December, 2023 which is highest in the last three months.

There has been an increase of 11.97 per cent in the net EPFO member addition during the month as compared to November. Further, the year on year analysis reveals a growth of 4.62 per cent in net member additions compared to December 2022.

“This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs,” Labour Ministry said.

The data indicates that around 8.41 lakh new members have enrolled during December, 2023 which is highest during the previous three months. The new members addition shows an increase of 14.21 per cent when compared with previous month of November 2023.

A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 57.18 per cent of the total new members added in December. This statistic underscores a notable trend – the majority of individuals joining the organised workforce are youth, primarily first-time job seekers.

The payroll data highlights that approximately 12.02 lakh members exited and subsequently rejoined EPFO.