The Employees' Provident Fund Organisation (EPFO) saw a substantial influx of youth entering the organised sector workforce in August 2023, with 58.36% of the 926,000 new members falling in the 18-25 age group. Although slightly lower than July's record-breaking 1.87 million enrollments, this indicates a significant trend of young individuals joining the workforce.
Additionally, 1.18 million members re-entered EPFO, marking a 10.13% YoY increase, demonstrating a preference for transferring accumulations over final settlements. Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat led in net member addition, enrolling 58.64% of the total. The trading-commercial, building & construction, engineer-engineering contractors, and textiles sectors saw the highest membership.