EPFO adds 18.36 lakh net members in June this year
The Employees’ Provident Fund Organisation (EPFO) has released the provisional payroll data. It highlights that EPFO has added 18.36 lakh net members in June this year. For June, 2022 the net member addition has increased by 9.21 percent as compared to May, 2022.
Year-on-year comparison of payroll data reflects that June this year has registered an increase of 5.53 lakh in terms of net member addition comparing the corresponding month during last year.
Out of the total 18.36 lakh members added during June, around 10.54 lakh new members have been covered under EPF and MP Act, 1952 for the first time. New member joining has shown a growing trend since April this year.
Approximately 7.82 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of applying for final PF withdrawal.
The new enrolment during the month is higher than the monthly average recorded during the last fiscal.
