EPFO members increase once again, according to payroll data, more than 8 lakh new members joined in September 2023
Most people like to invest in EPFO for retirement funds. Every month EPFO presents the figures of its new members. More than 17 lakh members joined EPFO in September this year. There is an increase in EPFO members every month. These data show that EPFO Kafa is popular for retirement funds.
People invest in many funds to continue earning income even after retirement. Among these funds, there is also the EPFO fund. This is a kind of retirement fund. The company also invests in this along with the employee. Many people like it for investment. Every month many new members are added to EPFO.
EPFO releases data regarding these new members. According to the new data released by EPFO, more than 17 lakh members joined EPFO in September this year. According to a statement from the Labor Ministry, if we compare month-to-month, 21,475 new members joined EPFO in August 2023. Whereas last year in September 2022, an increase of 38,262 members is seen. This increase is on a year-on-year basis.
It was also informed by the ministry that 8.92 lakh new members have joined in September 2023. Most of them are in the age group of 18 to 25 years. These figures also reveal the employment situation in the country. According to payroll data, 11.93 lakh members have rejoined EPFO. These members have either switched jobs or have rejoined the company.
Payroll data indicates that fewer members are withdrawing from EPFO from June 2023.
According to the data released by the ministry, 8.92 lakh new members joined EPFO in September. This includes 2.26 lakh women. These women have joined EPFO for the first time. If we look at the state, the maximum members are from Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana. Among these states, the highest number of EPFO members are from Maharashtra.
According to Industry Wise data, growth has been seen in many other sectors like sugar factories, courier service, iron-steel, medical sector, and travel agencies.
EPFO releases payroll data every month for the information of its new members. This data tells which members have been given a UAN number (universal account number) for the first time, that is, who is connected to EPFO for the first time. At the same time, figures for withdrawn members and rejoining members are also included in this data.
