EPFO adds 17.08 lakh net subscribers in April
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Retirement fund body EPFO has added 17.08 lakh net subscribers in the month of April 2022, which is 34% more than 12.76 lakh subscribers enrolled in the same month last year, shows the labour ministry data. In terms of net additions, the latest EPFO provisional payroll data shows there has been an increase of 4.32 lakh net subscribers in April 2022 on a YoY basis. Of the total 17.08 lakh subscribers added in April, around 9.23 lakh have come under the social security cover of the EPF & MP Act, 1952, for the first time, the ministry adds.
Around 7.85 lakh net subscribers exited and re-joined the establishments covered under EPFO by changing their jobs in the establishments covered by EPFO and opting to retain membership under the scheme, through the transfer of funds rather than coming for the final withdrawal of their PF accumulations. The ministry says the payroll data reflects a declining trend of members' exit during the last four months.
The age-wise comparison shows the age group of 22-25 years has registered the highest number of net enrolments with 4.30 lakh additions during April 2022. It is followed by the age group of 29-35 years, with 3.74 lakh net additions during the month. These two age groups constitute around 47.07% of net subscribers additions during April. 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.
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State-wise, the payroll data shows establishments in Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi top the chart as they added around 11.60 lakh net subscribers during the month, which is 67.91% of the total net payroll additions.
Gender-wise, the net female payroll addition is around 3.65 lakh, around 21.38% of the total net subscriber additions during April. The net enrollment of the female workforce in the organised sector has shown a growing trend for the last six months, shows the data.
Mainly two categories -- ‘expert services’ (consisting of manpower agencies, private security agencies and small contractors, etc.) and ‘trading-commercial establishments’ -- constitute 48.25% of total subscriber addition during the month. Apart from this, a growing trend has been noted in other industries like ‘electrical, mechanical or general engineering products’, ‘marketing servicing, usage of computers’, ‘building & construction industry’, ‘textile’, ‘garment making’, ‘financial establishments’, ‘hospitals’ and ‘schools’ during the month.
"The payroll data is provisional since the data generation is a continuous exercise, as updation of employee records is a continuous process. The previous data hence gets updated every month," says the labour ministry.
EPFO, a social security organisation responsible for providing many benefits to the members covered under the statute of EPF & MP Act, 1952, provides provident funds, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of the untimely death of the member.