EPFO Adds 6.2 Crore Members in 6 Years, Government Plans to Boost Employment
The Employees’ Provident Fund Organisation (EPFO) has added about 6.2 crore members in the last six years, according to government officials. In May 2024 alone, there were 19 lakh new registrations.
The government is planning to discuss with industry leaders to boost employment opportunities in the country. Proper guidelines will be developed after these consultations. Additionally, there are talks about raising the minimum EPFO pension beyond Rs 1000.
Recent data shows that 19.50 lakh net members were added in May 2024, with 9.85 lakh being new additions, the highest since April 2018. Over 1.3 crore net subscribers joined EPFO during 2023-24, showing a 19.62% growth in net member additions year-over-year.
The increase in new additions is attributed to more employment opportunities, growing awareness of employee benefits, and effective outreach programs by EPFO. Industries like expert services, construction, garments, textiles, engineering, trading, beedi making, and electronic media have seen the highest member additions.
Finance Minister Nirmala Sitharaman announced a package to boost employment and skilling, targeting 4.1 crore youth over five years. The scheme offers incentives for first-time employees and employers, including a one-month wage (up to Rs. 15,000) in three instalments and reimbursement of Rs. 3,000 per month for two years towards EPFO contributions for additional employees with salaries up to Rs. 1 lakh per month.
Doubts Revealed
EPFO -: EPFO stands for Employees’ Provident Fund Organisation. It is a government organization in India that helps workers save money for their retirement.
6.2 Crore -: 6.2 Crore means 62 million. In India, a crore is a unit in the Indian numbering system equal to ten million.
19 lakh -: 19 lakh means 1.9 million. In India, a lakh is a unit in the Indian numbering system equal to one hundred thousand.
May 2024 -: May 2024 is a future month and year. It means the month of May in the year 2024.
Minimum EPFO pension -: The minimum EPFO pension is the smallest amount of money that retired workers can get every month from the EPFO.
Rs 1000 -: Rs 1000 means 1000 Indian Rupees. It is the currency used in India.
Finance Minister Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s money and economy.
Package to boost employment and skilling -: This is a set of plans and actions by the government to create more jobs and help people learn new skills.
4.1 Crore youth -: 4.1 Crore youth means 41 million young people. The government is targeting this many young people for job and skill programs.
Incentives for first-time employees and employers -: Incentives are rewards or benefits. The government is offering these to encourage companies to hire new workers and to help new workers get jobs.
