Retirement fund body EPFO added 19.94 lakh new members in July this year, the Labour Ministry said on Monday. Union Labour Minister Mansukh Mandaviya said in a press conference that 10.52 lakh new or first-time workers subscribed to the social security schemes run by the Employees' Provident Fund Organisation (EPFO). The minister said that around 20 lakh new members (19.94 lakh) joined in July this year, PTI reported.
Around 6.25 lakh members in the age group of 18-25 years joined for the first time
According to the news, the Union Minister also said that 8.77 lakh members added in July are in the age group of 18-25 years. According to the latest data, about 6.25 lakh members in the age group of 18-25 years are first-time workers or new members. About 59.4 percent of the new members are in the age group of 18-25.
He said that the data shows that there has been an increase in employment of youth. He also informed that 4.41 lakh women members were added by EPFO in July, including 3.05 lakh new members. The minister said that there has also been an increase in women employment.
There were so many couples in June
EPFO added 19.29 lakh members in June 2024. Year-on-year analysis showed that net member additions increased by 7.86 per cent as compared to June 2023. This surge in membership can be attributed to several factors, including increased employment opportunities, growing awareness about employee benefits, and the effectiveness of EPFO's outreach programmes. Data indicates that around 10.25 lakh new members have been enrolled during June 2024. There has been a 4.08 per cent increase in new members since May 2024 and a 1.05 per cent increase as compared to June 2023.
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