EPFO adds about 6.2 crore members in the last 6 years: sources

New Delhi [India], July 30 (ANI): The EPFO has added about 6.2 crore members in the last 6 years, as per government officials told ANI. About 19 lakh new registrations in EPFO in the month of May 2024.

The government officials said that the ministry will initiate discussions with industry to boost employment opportunities in the country. The government will come up with the proper guidelines after consultations with industry players, as per the sources.

Additionally, discussions are underway on raising the minimum Employees’ Provident Fund Organisation (EPFO) pension beyond Rs 1000.

The officials said that the government is also discussing ways to implement new labour laws. However, the government has not set any timeline for the implementation of new labour laws.

As per the recent data released by EPFO, about 19.50 lakh net members were added in May 2024 with around 9.85 lakh new additions.

As per the official data, more than 1.3 crore net subscribers joined EPFO during 2023-24.

The 9.85 lakh new additions are the highest since the first payroll data for the organization was issued in April 2018.

The year-over-year data for EPFO shows a growth of 19.62 per cent in net member additions.

As per the EPFO, the increase in the new additions has been registered due to the increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs.

The organisation last month said that industries such as expert services, the building and construction industry, garments making, textiles, engineering products and contractors, trading commercial establishments, beedi making, and electronic media companies stood ahead of other industries in terms of members’ additions.

In her budget announcement, Finance Minister Niramala Sitharaman announced the Prime Minister’s package to boost employment in the country with Employment and Skilling.

As part of the scheme, the package will facilitate employment, skilling, and other opportunities for 4.1 crore youth over a 5-year period.

Under the announced programmes, the government will target first-time employees in the formal sector registered with EPFO, this scheme offers a one-month wage (up to Rs. 15,000) in three instalments.

It will also incentivize both employees and employers for the additional employment of first-time employees, offering benefits based on their EPFO contributions during the first four years of employment. Employees with salaries up to Rs. 1 lakh will be eligible.

In addition, the government will provide support to employers by reimbursing Rs. 3,000 per month for two years towards their EPFO contribution for each additional employee with a salary of up to Rs. 1 lakh per month.