In the nation, investments are made in a variety of media. Additionally, people also save money in accordance with their retirement plans. The PF account also significantly impacts the process of generating retirement money. Recently, crucial information pertaining to PF accounts has surfaced and will have an effect on thousands of people across the nation. In fact, the organization in charge of the retirement fund, EPFO, added 13.40 lakh net new members in March. As a result, there were an additional 1.39 crore members in the previous fiscal year. The data that was made public on Saturday contained this information.
Account PF
On a net basis, EPFO increased its membership by 1.22 crore during the preceding fiscal year. Out of the 13.40 lakh new members registered in March, around 7.58 lakh have entered EPFO’s coverage area for the first time, according to a statement from the labor ministry. According to the announcement, there were approximately 1.39 crore net new members added during the fiscal year 2022–23, representing an increase of 13.22% annually. In the previous fiscal year, 1.22 crore members were purely connected.
PF
The age range of 18 to 21 saw the highest number of enrollments among newly joining members, according to the PF Employees’ Provident Fund Organisation (EPFO). They numbered 2.35 lakh people. Following this, 1.94 lakh individuals between the ages of 22 and 25 joined. According to the statement, 56.60% of the total number of new members this month were in the 18 to 25 age range.
According to EPF member data
almost 10.09 lakh members have renewed their EPFO subscriptions. In other words, some members switched employment. 2.57 lakh women joined in March, making up 19.21% of all new members this month on a gender-based basis.
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