EPFO’s provisional payroll data released today highlights that EPFO has added 18.75 lakh net members in the month of July, 2023
Contents News/Article Date: 20th September 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Penalty under the Act: Whoever, for the purpose of avoiding any payment to be made by himself under this Act [the Scheme, the [Pension] Scheme] or the Insurance Scheme] or of enabling any other person to avoid such payment knowingly makes or causes to be made any false statement or false representation shall be punishable with imprisonment for a term which may extend to one year, or with fine of five thousand rupees, or with both.
Applicable to which State: Whole of India
Type: Ministry of Labour & Employment – EPFO’s provisional payroll data released today highlights that EPFO has added 18.75 lakh net members in the month of July, 2023.
Pertains to: Around 10.27 lakh new members have enrolled during July, 2023 which is highest since July, 2022.
Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global is also fully into labour compliances for nearly 18 years and is helping both establishments and workers for fulfilment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on pan India basis. Recently, it has diversified into foreign shores as well, into countries like US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment and governance.
And in the current instance: EPFO’s provisional payroll data released today highlights that EPFO has added 18.75 lakh net members in the month of July, 2023. The addition during the month is the highest since first publishing of EPFO payroll data from April, 2018 covering the period of September, 2017 onwards. A growing trend is continued since last three months with an increase of around 85,932 net members over the previous month of June, 2023. The data indicates that around 10.27 lakh new members have enrolled during July, 2023 which is highest since July, 2022. Majority of new members joining EPFO are in the age-group of 18-25 years constituting roughly 58.45% of total new member’s addition during the month. This shows an increasing trend in youth enrolment, who are mostly first-time job seekers joining the organized sector workforce of the country. Payroll data demonstrates that approximately 12.72 lakh members exited but re-joined EPFO, which is the highest in last 12 months. 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.
Subject: EPFO’s provisional payroll data released today highlights that EPFO has added 18.75 lakh net members in the month of July, 2023.
Attached is the notification