Key Points
Retirement fund body EPFO's latest data stated that the gross new subscribers addition declined by over 7,000 to 10,24,851 which was 10,31,982 during the month of May 2024...
According to the report 'Payroll Reporting in India: An Employment Perspective June 2024', the Employees' Provident Fund Organisation (EPFO) recorded 1,09,93,119 gross addition of new members in 2023-24 compared to 11,498,453 in 2022-23.. ..
In June 2024, the net formal job creation under the Employees' Provident Fund Organisation (EPFO) surged to 1.92 million, attributed to the augmented employment opportunities, enhanced awareness of employee benefits, and effective outreach initiatives by the EPFO, as per the Ministry of Labour and Employment...
This monthly payroll data includes new members who have enrolled with EPFO using Aadhaar-validated Universal Account Numbers (UAN), along with existing members who may have left and returned, in order to determine the overall net monthly payroll figure...
However, analysis of data spanning the last five fiscal years up to 2023-24 reveals that the Employee Provident Fund Organization's (EPFO) total new member additions have yet to reach the pre-COVID levels of 2018-19..
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EPFO sees marginal dip in addition of net employees in Jan
20, Mar, 23Month-on-month comparison of the addition of formal workforce, however, shows an increase of 15.6% with December net employee addition at 1.28 million compared to 1.48 million in January.
EPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st time
25, Mar, 24EPFO added 16.02 lakh subscribers in January 2024, with a significant influx of youth members. Female participation increased, indicating a shift towards a more inclusive workforce. The data reflects continuous updates since April 2018.
EPFO adds 1.72 million members in September
20, Nov, 23Payroll data showed that approximately 1.19 million members exited but rejoined EPFO during the month
EPFO enrolments surge; 54% of new staff aged 18-25
20, Jun, 23Of the 1.72 million subscribers added in the April, around 847,000 new members have come under the social security cover of Employees‘ Provident Fund & Miscellaneous Provisions Act 1952, for the first time.
Formal job creation under EPFO down 14.2% to 1.39 million in November, according to payroll data
20, Jan, 24As per the provisional payroll data, released by the ministry of labour and employment, EPFO also registered a decline of 9.15% in formal job creation month-on-month as 1.53 million net new jobs were created in the retirement fund body in October 2023.
Formal sector workers under EPFO surge by 13.2% to 13.9 million in 2022-23
21, May, 23Formal sector workers under the Employees Provident Fund Organisation surged by 13.2% to 13.9 million in 2022-23 compared to 12.2 million in 2021-22, shows the provisional payroll data released by the retirement fund body on Saturday.
EPFO interest rate credit news: Govt approves 8.15% rate for Provident Fund (PF) deposits for 2022-23
25, Jul, 23The Centre has accepted the recommendation to increase the interest rate of deposits in the Provident Fund to 8.15% for the current financial year. EPFO will begin crediting the interest to subscribers' accounts
Formal job creation under EPFO up 11.9% to 1.56 million in December 2023: Payroll Data
21, Feb, 24As per the payroll data released by the ministry of labour and employment on Tuesday, the year-on-year net new subscribers addition to EPFO was higher by 4.62% when compared to 1.49 million net new subscribers added in December 2022. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFOs outreach programs, the labour ministry said