EPFO Reports Addition of 17.21 Lakh Net Members in September 2023

TFP Bureau, New Delhi; Nov 20, 2023: The Employees’ Provident Fund Organisation (EPFO) has recorded a significant increase in its membership, adding 17.21 lakh net members during the month of September 2023, according to the provisional payroll data released today. A detailed analysis of the data provides insights into the trends and dynamics of the organised sector workforce in the country.

Key Highlights:

1. Month-on-Month Growth: The month-on-month comparison reveals an uptick of 21,475 net members over August 2023, indicating sustained growth.
2. Year-on-Year Comparison: In a year-on-year comparison, there is a notable increase of 38,262 net members compared to September 2022, showcasing a positive trend.
3. New Enrollments: Approximately 8.92 lakh new members joined EPFO in September 2023. Notably, the age group of 18-25 years constitutes the majority, accounting for 58.92% of the total new members, emphasizing the influx of youth into the organised sector.
4. Re-Joining Trend: Around 11.93 lakh members exited but chose to rejoin EPFO, reflecting a trend where individuals switching jobs prefer to maintain continuity in EPFO coverage by transferring their accumulations.
5. Exit Trends: The data shows a decline in the number of exits by 12.17% compared to the previous month, with 3.64 lakh exits in September 2023. This decline has been consistent since June 2023.
6. Gender-wise Analysis: Out of the total new members, around 2.26 lakh are female, signifying a growing participation of women in the organised workforce. The net addition of female members during the month is around 3.30 lakh.
7. State-wise Contribution: Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana collectively contribute to 57.42% of the net member addition, with Maharashtra leading by adding 20.42% of net members during the month.
8. Industry-wise Growth: Month-on-month industry-wise data reveals substantial growth in sectors such as the sugar industry, courier services, iron and steel, hospitals, and travel agencies. Expert services, including manpower suppliers and security services, constitute around 41.46% of the total net membership addition.

The provisional nature of the data is acknowledged, given the continuous exercise of updating employee records. EPFO has been consistently releasing monthly payroll data since April 2018, covering the period from September 2017 onwards. The monthly payroll data considers new enrollments, exits, and re-joins to calculate the net monthly payroll figure.