The Employees’ Provident Fund Organisation’s (EPFO) provisional payroll data for December 2023 showed an increase in net subscribers by 11.97 per cent month-on-month or 4.62 per cent year-on-year to 15.62 lakh members.

Women’s participation in the workforce also increased, with around 2.09 lakh females out of 8.41 lakh new subscribers, or one-fourth of new members, suggesting a diverse labour force. Of the new numbers, those in the 18-25 age grouprose by 14.21 per cent MoM in December.

EPFO saw a net addition of 15.62 lakh subscribers, including 8.41 lakh new members, in December 2023. Note that net numbers do not represent only the first-time members. While new members constituted around 57 per cent of the subscribers, 43 per cent were those who switched jobs and exited from the scheme but re-joined in December.

Also Read: EPFO To Hold Central Board Of Trustees Meeting Next Week: What To Expect? 

Reasons For Subscribers’ Growth:

According to a finance ministry report, the urban unemployment rate dropped 6.5 per cent in the third quarter of FY2023-24 from 6.6 per cent in the previous quarter. The urban unemployment rate was 7.2 per cent in the third quarter of FY2022-23.

The Labour Ministry said the growth in EPFO subscribers is due to employment opportunities, EPFO’s effective sensitisation programme and people’s increasing awareness of EPF. People who re-joined the workforce preferred to transfer their accumulated EPF funds from the previous organisation to the current one instead of withdrawing, possibly due to the rising awareness of the importance of the scheme.

Data shows that members working in sectors like building and construction, iron and steel, and general insurance, grew significantly month-on-month.

Also Read: 7 Grounds On Which You Can Claim An Advance From EPF Account Via Form 31?

EPFO Initiatives:

EPFO runs the ‘Nidhi Aapke Nikat’ programme to spread awareness about EPF. In 2021, it started an exclusive platform called ‘Pension Adalat’ for pensioners’ quick complaint redressal. In 2022, it revamped its outreach programme by launching the Nidhi Aapke Nikat 2.0, covering the country’s 692 districts on the same day on the 27th of every month. 

Also Read: What Are Pension Adalats?