An increase of 11.97 per cent has been registered in net member addition during December 2023 compared to the previous month, a labour ministry statement said.
The increase in interest rate by the EPFO comes on the back of strong financial returns earned by the retirement fund body this year, including on its investments in equity, and almost negligible Covid-19 withdrawals, officials said. EPFO s earnings in 2023-24 stand at ₹13 lakh crore, up 17.97% from ₹11.02 lakh crore in 2022-23, the labour and employment ministry said in a statement.
As per the provisional payroll data, released by the ministry of labour and employment, EPFO also registered a decline of 9.15% in formal job creation month-on-month as 1.53 million net new jobs were created in the retirement fund body in October 2023.
India News: Retirement fund body EPFO on Friday granted a three-month extension till December 31, 2023, to employers for uploading employees’ wage details for pen