What are the impacts of adding new members to the EPFO in August
Discuss the significance of adding 18.53 lakh EPFO members, including 9.3 lakh new members, in August.
- Increased social security coverage: The addition of 18.53 lakh new EPFO members in August, including 9.3 lakh new members, indicates a growth in social security coverage among the workforce.
- Boost to formal employment: The rise in EPFO membership reflects an increase in formal employment opportunities, providing stability and benefits to workers.
- Contribution to the economy: More EPFO members mean more contributions towards retirement savings, which can lead to long-term economic stability for individuals and the country.
- Indicator of economic recovery: The influx of new EPFO members suggests a potential recovery of the economy post the pandemic, indicating renewed employment opportunities.
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8 months ago