What is the aim of EPFO with the addition of 13.41 lakh net members in October
The EPFO aims to expand its membership base by adding 13.41 lakh net members in October.
- Enhancing social security coverage: The addition of 13.41 lakh net members in October helps the EPFO in expanding its social security coverage to more workers in the formal sector.
- Promoting financial inclusion: By increasing its membership base, EPFO is able to bring more individuals into the formal financial system, promoting financial inclusion among workers.
- Ensuring retirement benefits: The aim is to ensure that a larger number of workers have access to retirement benefits such as provident fund and pension schemes provided by EPFO.
- Supporting economic stability: By strengthening the social security net, EPFO contributes to economic stability by providing a safety net for workers during their retirement years.
- Encouraging formal employment: The growth in EPFO membership indicates an increase in formal employment opportunities, which is beneficial for both workers and the economy.
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