Data from the Ministry of Labour and Employment shows that the Employees’ Provident Fund Organization (EPFO) added 17.89 lakh net members on a net basis in June 2023. The amount of net additions is at its greatest point in the previous 11 months. The report also reveals that in June 2023, the EPFO’s average monthly salary increased by 10.47% to Rs. 21,237. 15.95 crore individuals were EPFO customers as of June 2023.
The expansion of EPFO membership is encouraging for the Indian economy. It implies that more individuals are finding employment and that the formal economy is growing. Given that the EPFO is India’s largest social security organization, this is also advantageous for the government’s social security programs.
State-based evaluation
A payroll data assessment showed that Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana had the biggest net member additions. These states add 10.80 lakh members every month, or 60.40 percent of the net member addition.
Maharashtra is the top-performing state, adding 20.54% more net members. This indicates that 2.23 lakh new members joined Maharashtra throughout the month.
These are the other four states:
14.23% (1.55 lakh members) from Tamil Nadu
13.72% (1.37 lakh members) in Karnataka
Gujarat: 10.51 percent (1.13 million members)
7.40% (88,00 members) of Haryana
The remaining states added a combined 6.00 lakh members during the month, accounting for 39.60% of the net member growth.
The Indian government established the EPFO as a statutory organization to offer social security to workers in the organized sector. It oversees a variety of programs, including the Employees’ Deposit Linked Insurance Scheme, Employees’ Pension Scheme, and Employees’ Provident Fund Scheme.
Other information from the EPFO data is provided below:
10.14 lakh new members were joined in June 2023, the most since August 2022.
The age range of 18 to 25 years was represented by about 57.87% of the recently recruited members.
In June 2023, employers sent the EPFO a total of Rs. 64,938 crore, which was the biggest amount since August 2022.
Conclusion:-
In June 2023, the Employees’ Provident Fund Organization (EPFO) added 17.89 lakh net members, marking the highest increase in the previous 11 months. The average monthly salary increased by 10.47% to Rs. 21,237, and 15.95 crore individuals were EPFO customers. This expansion is encouraging for the Indian economy, as it indicates more individuals finding employment and the formal economy growing. The EPFO is India’s largest social security organization, benefiting the government’s social security programs. The five states of Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana contributed the largest net member addition, accounting for 60.40% of the net member addition. The EPFO oversees various programs, including Employees’ Deposit Linked Insurance Scheme, Employees’ Pension Scheme, and Employees’ Provident Fund Scheme.
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