What was the percentage increase in net members added by the Employees' Provident Fund Organisation (EPFO) in the financial year 2022-23 compared to the previous year?

Solution

As per the information give below, the correct answer is option B. The Employees’ Provident Fund Organisation has added around 1.39 crore net members with an increase of 13.22 per cent in 2022-23, compared to the previous financial year’s 1.22 crore net members addition. It added 13.40 lakh net members in the month of March, the last month of 2022-23. Out of those members, around 7.58 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.35 lakh members, followed by the age group of 22-25 years with 1.94 lakh members. The age groups of 18-25 years constituted 56.60 per cent of the total new members added during the month. “This age-wise comparison of payroll data indicates that the majority of the members joining the organised sector workforce of the country are first-time job seekers,” the Ministry of Labour and Employment said. The data also highlighted that approximately 10.09 lakh members re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection. Gender-wise analysis of payroll data reflects that enrolment of net female members has been 2.57 lakh in March 2023, which is around 19.21 per cent of the net member addition for the month. Of these, 1.91 lakh female members are the new joinees. This is around 25.16 per cent addition of all the new joinees.