Payroll data: EPFO adds 8.41 lakh new members in December

The Employee Provident Fund Organization (EPFO) has released its provisional payroll data for December 2023, showing an uptick in its net members. The data reveals that a whopping 15.62 lakh net members were added during the month, the highest increase in the past three months. This is an 11.97% rise compared to November 2023.

Also read: ESIC data: Nearly 19 lakh new employees added in December

A year-on-year analysis shows an increase of 4.62% in net members compared to December 2022. This rise in membership can be attributed to several factors, including enhanced employment opportunities, heightened awareness of employee benefits and the efficacy of EPFO's outreach initiatives.

Among the key highlights of the data is the enrollment of approximately 8.41 lakh new members during December 2023, the highest figure in the past three months. Individuals aged 18-25 constitute a substantial 57.18% of the total new members added in December, indicating rising youth participation in the organised workforce.

Also, the data reveals that around 12.02 lakh members left and subsequently rejoined EPFO-covered establishments during the month, marking a notable 12.61% increase compared to November 2023.

Gender-wise analysis unveils a noteworthy surge in female workforce participation, with approximately 2.09 lakh new female members added during December 2023, the highest recorded addition of female workforce in the last three months.

State-wise analysis highlights Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Haryana as the top contributors to net member addition, collectively constituting around 58.33% of the total addition. Maharashtra leads the pack by adding 21.63% of net members during the month.