EPFO Data

CBT meeting on Saturday may take a call on reinvesting 50% of its ETF redemption proceeds in equity

EPFO data also showed that share in the 18-25 age group also declined slightly

The labour ministry is expediting discussions with various stakeholders about employment-linked incentive (ELI) schemes

Companies oppose the requirement for employers to refund subsidies if employees leave within 12 months

Around 59.14% of new members in June 2024 were aged 18-25, reflecting an ongoing trend where the majority of individuals entering the organised workforce are young, mostly first-time job seekers

The data is signalling a slowdown in the formal labour market

EPFO data says women subscribers also rose after falling last year

Retirement fund body EPFO's gross new subscribers addition declined by over 4 per cent to 1.09 crore in 2023-24 compared to a year ago, as per a report by Ministry of Statistics & Programme Implementation (MoSPI). According to the report 'Payroll Reporting in India: An Employment Perspective January to April, 2024', the Employees' Provident Fund Organisation (EPFO) recorded 1,09,93,119 gross addition of new members in 2023-24 compared to 1,14,98,453 in 2022-23. The gross addition of new members was affected due to the pandemic and declined from 1,10,40,683 in 2019-20 to 85,48,898 in 2020-21. It bounced back to 1,08,65,063 in 2021-22. The Centre as well as states had imposed lockdown restriction in 2020 and 2021 to curb the spread of deadly coronavirus in the country, which had hit economic activities as well as employment. The data shows that in the last five fiscal years till 2023-24, the gross new members addition by EFPO had not recovered to pre-covid level of 2018-19. The ...

Earlier, in Sept 2023, 950,527 fresh formal employees had joined EPF. The EPFO data is considered crucial as only the formal workforce enjoys social security benefits and is protected by labour laws

The data indicates that around 887,000 new members enrolled in April 2024

The Karnataka High Court had struck down the inclusion of international workers in the EPF, deeming it "unconstitutional and arbitrary"

In January last year, 830,047 subscribers joined the EPF. This data is crucial as only the formal workforce enjoys social security benefits and is protected by labour laws

When news of the purported breach initially surfaced in 2018, the EPFO denied that its systems were compromised

Furthermore, the number of new women subscribers declined by about 12 per cent to 2.35 million from 2.68 million last year

FAQs clarify that higher pension application will not be rejected even where such permission is not obtained by the employee

A nominee's job is only to hold a deceased's asset temporarily until the legal heirs claim it

The body had invested Rs 14,983 crore in ETFs in 2016-17, Rs 24,790 crore in 2017-18, Rs 27,974 crore in 2018-19, Rs 31,501 crore in 2019-20, and Rs 32,071 crore in 2020-21, according to the reply

The monthly data released by the EPFO is part of the government's effort to track formal-sector employment by using payrolls as an instrument

Retirement fund body EPFO recorded a net addition of 17.21 lakh members in September, according to payroll data released on Monday. Month-on-month comparison of payroll data shows an increase of 21,475 net members over August 2023, a labour ministry statement said. Year-on-year comparison of payroll data reflects an increase of 38,262 net members over September 2022. Around 8.92 lakh new members enrolled during September 2023, the ministry said. Among these newly joined members, the age group of 18-25 years constitutes 58.92 per cent of total new members added during the month. This demonstrates that a majority of the members joining the organised sector workforce of the country are youth, who are mostly first-time job seekers, it explained. Payroll data shows that approximately 11.93 lakh members exited but rejoined EPFO, it stated. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead

The interest rate on EPF is reviewed annually, and for the fiscal year 2022-23, it is set at 8.15 per cent, up from the 7.59 per cent interest rate provided in FY22.