The employment situation in the country is improving. This is indicated by the latest payroll data from the Employee Futures Fund Organization (EPFO). According to the Labor Ministry, 12.83 lakh members joined the Net in June. At the same time, the number of members increased by 5.09 lakh in June compared to May.
8.11 lakhs for the first time: Of the total total of 12.83 lakh net subscribers added in June, about 8.11 lakh people have come under Social Security for the first time, the Employees Provident Fund Scheme. During the month, about 4.73 lakh net subscribers quit EPFO by switching jobs at EPFO-wide organizations, but re-joined EPFO.
This shows that most members opt to pursue their membership with the EPFO by transferring funds from a previous job to the current PF account rather than applying for a final withdrawal of their PF.
Deep Industries: Waiting for just 6 months, here it has become Rs 3.65 lakh
Explain that the EPFO is the country’s leading agency responsible for providing social security benefits to employees of the organized / semi-integrated sector under the EPFO and MP Act, 1952.