EPFO adds 1.39 crore members during financial year 2022-23

Tags: National Economy/Finance National News

The Employees' Provident Fund Organisation (EPFO) has added 1.39 crore members during the financial year 2022-23. 

An overview of the news

• Provisional payroll data of EPFO highlights that it added over 13 lakh members in March 2023.

• According to the Ministry of Labor and Employment, out of the 13.40 lakh members added during March, over seven lakh new members have come under the EPFO ambit for the first time.

• Among newly joined members, the highest enrollment is in the age group of 18 to 21 years with 2.35 lakh members, followed by about two lakh members in the age group of 22 to 25 years.

•   The data also highlights that more than 10 lakh members rejoined the EPFO. These members changed their jobs and rejoined the establishments covered under EPFO.

About EPFO

• Employees Provident Fund Organisation (EPFO) is a statutory organisation  set up under the Union  ministry of Labour and Employment was set up in 1951 by an Ordinance issued by the President. 

• Later Parliament passed the Employees' Provident Funds Scheme, act 1952.  

• It is the country’s largest social security organisation.

• EPFO assists the Central Board of Trustees in the administration of a provident fund scheme, pension scheme and an insurance scheme for the registered establishments in India.