PF is deposited to EPFO on behalf of the companies. Through this, employees get a chance to make good savings and pension fund is also prepared through it. With this, a big update has come out regarding EPF. Let us know about it…
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Investment: Now a good news has come for the salaried people. Actually, Employees Provident Fund Organization (EPFO) added a net of 16.99 lakh members in August 2023. This information has been given in the payroll data released on Friday about those who get jobs on regular salary. This also shows that people are also getting employment.
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The Labor Ministry said in a statement that when the figures are compared on an annual basis, there appears to be a slight increase in the number of net members this year compared to August 2022. During the month, 3,210 establishments have brought their employees under the ambit of EPFO’s social security scheme by submitting their first ECR (Electronic Challan cum Return).
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Statistics show that about 9.26 lakh new members have enrolled during August 2023. The share of youth in the age group of 18-25 years joining EPFO is 58.36 percent of the total new members. This shows that most of the first-time job seekers are joining the organized sector workforce in large numbers.
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The data of those who got jobs on regular salary shows that about 11.88 lakh members who had gone out rejoined EPFO. This rate has increased by 10.13 percent on an annual basis. These members changed their jobs and rejoined the institutions under EPFO. Also, they chose to transfer their deposits instead of applying for final settlement.
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The data also shows that there has been a steady decline in the number of members exiting EPFO in the last two months. According to the data, during July 2023, about 3.43 lakh women members joined EPFO. About 2.44 lakh women members have come under the ambit of social security for the first time.
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State-wise analysis shows that Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana had the highest net increase. Together, 9.96 lakh members have increased in these states in August, which is 58.64 percent of the total new members. The statement said that the figures are provisional, because collecting data is a continuous process. (input language)
