Employees’ salaries also include a portion that is deposited into their PF accounts. A significant update pertaining to the PF account has now surfaced. Actually, PF accounts are now connected to lakhs of people. 13.96 lakh new shareholders joined EPFO, the organization in charge of managing the retirement fund, in February 2023. This knowledge was obtained from the data made public on Thursday.
PF Account
The Employees’ Provident Fund Organisation (EPFO), in releasing the preliminary payroll data for the month of February, stated that out of the 13.96 lakh new subscribers that joined this month, roughly 7.38 lakh people joined the group for the first time. According to a statement made by the Labour Ministry, employees between the ages of 18 and 21 made up the majority of the 2.17 lakh new members who joined EPFO.
PF
Following this, 1.91 lakh new subscribers were between the ages of 22 and 25. In this way, the total percentage of shareholders who were between the ages of 18 and 25 who made up the new shareholders was 55.37 percent. This demonstrates that many individuals who joined the nation’s organized sector were initially job searchers. In February, around 10.15 lakh members rejoined EPFO in addition to this. This figure is 8.59% higher than it was a year ago.
Balanced Provident Fund
In reality, these individuals have chosen to transfer their accounts after beginning employment at any other business falling under the jurisdiction of EPFO. 2.78 lakh female employees signed up for EPFO membership in February, accounting for 19.93% of all new registrations. 1.89 lakh of these women joined the EPFO for the first time.
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