EPFO Added 17.08 Lakh Net Subscribers In April 2022
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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.