EPFO Added 17.08 Lakh Net Subscribers In April 2022

EPFO Added 17.08 Lakh Net Subscribers In April 2022

by Swarajya Staff - Jun 21, 2022 04:16 PM +05:30 IST
EPFO Added 17.08 Lakh Net Subscribers In April 2022EPFO Head Office, New Delhi

The EPFO added 17.08 lakh subscribers this April - that is 4.32 lakh more subscribers than what it did in April last year.

Why it matters: Data indicates increased formalisation of the jobs market - this is driven by new hiring and formalisation of existing jobs.

  • Out of the total 17.08 lakh subscribers added during the month, around 9.23 lakh new members have come under the social security cover of EPF & MP Act, 1952 for the first time.

  • Around 7.85 lakh net subscribers exited and re-joined the establishments covered under EPFO by changing their jobs within the establishments covered by the Organisation.

  • They opted to retain membership under the scheme, through transfer of funds rather than coming for final withdrawal of their PF accumulations.

  • The payroll data reflects a declining trend of members' exit during the last four months.

Youth joined EPFO: Around 47.07 per cent net subscribers additions during the month are in 22-35 age group.

  • Age-group of 22-25 years has registered the highest number of net enrolments with 4.30 lakh additions during April 2022.

  • This is followed by the age-group of 29-35 years with a healthy addition of 3.74 lakh net additions during the month.

  • The age group of 29-35 years can be considered as experienced workers who have changed jobs for career growth and opted to be with EPFO.

State and gender distribution: Ministry of Labour also shared state-wise and gender-wise distribution of EPFO subscribers.

  • Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi remain in lead by adding approximately 11.60 lakh net subscribers during the month.

  • 67.91 per cent of total net payroll addition across all age groups came from these six states.

  • Share of female enrolment is 21.38 per cent of the total net subscriber addition during the month.

  • There is an increase of 17,187 net female enrolments over the previous month of March 2022.

  • The payroll data highlights net enrollment of female workforce in the organised sector has shown a growing trend for the last six months.

What is EPFO: EPFO is a social security organisation responsible for providing a number of benefits to the members covered under the statute of EPF & MP Act, 1952.

  • The Organisation provides provident fund, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of untimely death of the member.

  • The payroll data is provisional since the data generation is a continuous exercise, as updation of employee record is a continuous process.

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