On 20 November 2023, the Employees’ Provident Fund Organisation (EPFO) released provisional payroll data for September 2023, showing significant growth in member enrollment. The payroll data indicates the following key developments.
Net Member Growth: EPFO added 17.21 lakh net members in September 2023. This is a month-on-month increase of 21,475 members from August 2023, and a year-on-year increase of 38,262 members compared to September 2022.
New Enrollments: Approximately 8.92 lakh new members joined EPFO in September 2023. The age group of 18-25 years constituted 58.92 percent of these new enrollments, indicating that most new members are first-time job seekers.
Job Switching: About 11.93 lakh members who exited EPFO rejoined by switching jobs. They chose to transfer their accumulations within EPFO establishments, ensuring continued social security coverage.
Reduced Exits: The number of exits from EPFO decreased by 12.17 percent compared to the previous month, with 3.64 lakh exits in September 2023. A continuous decline in exits has been observed since June 2023.
Gender Representation: Out of the total new members, around 2.26 lakh are female, signifying their increasing participation in the formal workforce.
State-Wise Growth: The states of Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana led in net member additions, contributing 57.42 percent of the total growth. Maharashtra topped the list with 20.42 percent of the net additions.
Industry Growth: Significant growth was seen in sectors like Sugar, courier services, iron and steel, hospitals, and travel agencies. Expert services, which include manpower suppliers, contractors, and security services, accounted for 41.46 percent of the total net membership increase.
