EPFO has given important information related to new accounts.
EPFO Latest Update: A net 14.65 lakh new members have joined the Employees’ Provident Fund Organization (EPFO) in the month of July. It has increased by 31.28 percent as compared to June. In June, EPFO had added 11.16 lakh new members. These figures show the employment situation in the organized sector in the country. According to the provisional payroll data released by EPFO, 14.65 lakh new members were added to the net in July, 2021. This is an increase of 31.28 percent as compared to June. In June this year, the net new enrollment figure has been revised down to 11.16 lakh. Earlier it was estimated to be 12.83 lakhs.
As per the data, the EPFO had net added 8.9 lakh new members in April and 6.57 lakh in May. The second wave of the Kovid-19 epidemic started from mid-April, after which many states had to impose lockdown restrictions.
The ministry said that out of 14.65 lakh new members, about 9.02 lakh members have come under the social security cover of EPFO for the first time. During this, a net 5.63 lakh members exited EPFO and then joined it again. This shows that most of the members have decided to continue their membership with EPFO. In July 2021, the number of members joining EPFO for the first time increased by six percent. At the same time, the number of people rejoining EPFO increased by nine percent. At the same time, there was a decline of 36.84 percent in the number of people exiting EPFO.
In terms of age, in July, the age group of 22 to 25 years saw the highest number of 3.88 lakh enrollments. There were 3.27 lakh enrollments in the age group of 18 to 21. The ministry said that this shows that a large number of first time job people are joining the organized sector. Their share in the increase in net membership in July was 48.82 percent.
Talking about state wise, establishments of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka were ahead in this. The number of EPFO members in all age groups increased by 9.17 lakh, which is 62.62 percent of the total increase. The EPFO said that these figures are provisional and the updating of employee records is a continuous process. EPFO manages the Social Security Fund of the workers in the organized/semi-organized sector.
