Team Blitz India
New Delhi: Retirement fund body Employees Provident Fund Organisation (EPFO) added 13.95 lakh net members in November 2023, as per the latest payroll data released. Cumulative net addition of members during the current financial year continues to remain higher than that of the corresponding period of the previous year, a Labour Ministry statement said.
According to the statement, the EPFO’s provisional payroll data highlighted that the body added 13.95 lakh net members in November.
The data indicates that around 7.36 lakh new members were enrolled during the month.
The 18-25 age-group constitutes 57.30 per cent of the total new members added during the month, showing that a majority of members joining the organised sector workforce of the country are youth, who are mostly first-time job seekers.The payroll data reflects that about 10.67 lakh members exited but rejoined EPFO during the month.
In fact, these members switched jobs and rejoined the establishments covered under the ambit of EPFO, and opted to transfer their accumulations instead of applying for final settlement, thereby extending their social security rotection, it stated.
