Employees’ Provident Fund Organization (EPFO) added 12.94 lakh new subscribers in October, according to a statement released by the Ministry of Labour on Tuesday. About 2,282 new establishments have started complying with the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 for the first time and are providing social security to their employees, the ministry said in a statement.
If the payroll figures are compared on an annual basis, then compared to October last year, this time there has been a net increase of 21,026 in the number of shareholders. Of the 12.94 lakh subscribers, 7.28 lakh new members have come under the social security net of EPFO for the first time.
The age range of 18 to 21 years accounts for the majority of the 2.19 lakh new users. 1.97 lakh new shareholders between the ages of 22 and 25 have been added at the same time. The age range of 18 to 25 accounts for 57.25 per cent of all new stockholders.
About 5.66 lakh shareholders, who previously belonged to EPFO but left the organisation, returned, and then joined the organisation this month. Around 2.63 lakh women were also added as members of EPFO in October. 1.91 lakh of these women are EPFO members for the first time. In terms of individual states, Kerala, Madhya Pradesh, and Jharkhand have had net monthly increases in EPFO subscribers.
Two things are indicated by the new subscribers to EPFO. The first is that although one was already employed, it is only now that the person is covered by EPFO. Additionally, it provides you with a sense of employment. Those who joined EPFO for the first time may have also started the job for the first time. That’s why it is also seen as an indicator of a decrease or increase in employment.
EPFO is a social security organisation responsible for providing several benefits to the members covered under the statute of EPF & MP Act, 1952.
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