EPFO adds 15.29 lakh net subscribers in January 2022
EPFO adds 15.29 lakh net subscribers in January 2022 – The retirement fund management body
The Employees’ Provident Fund Organisation (EPFO), the retirement fund management body, added 15.29 lakh net subscribers during January 2022 according to the provisional data released on Sunday.
This marks an increase of 2.69 lakh net subscribers addition in January 2022 as compared to the previous December 2021 month.
Of the total 15.29 lakh, net subscribers added during the month, around 8.64 lakh new members have been registered under the social security ambit of EPF & MP Act, 1952 for the first time.
Approximately 6.65 lakh net subscribers were excited but re-joined EPFO by continuing their membership with EPFO instead of opting for final withdrawal, said the Ministry of Labour & Employment.
The payroll data also reflects a declining trend in the number of members exited since July 2021.
Age-wise comparison of payroll data shows that the age group of 18-25 years has registered the highest number of net enrolments with 6.90 lakh additions during January 2022, which is around 45.11% of total net subscribers added during the month.
This is followed by the age group of 29-35 years with a healthy addition of around 3.23 lakh net enrolments. This indicates that many first-time job seekers are joining the organized sector workforce in large numbers and signifies a crucial stage for an individual’s potential in terms of earning capacity.
EPFO adds 15.29 lakh net subscribers in January 2022 – State-wise comparison of payroll figures highlights
State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka are in lead by adding approximately 9.33 lakh subscribers during the month, which is around 61% of the total net payroll addition across all age groups.
Gender-wise analysis indicates that net female payroll addition during the month is approximately 3.20 lakh during the month,
The share of female enrolment is approximately 21% of the total net subscriber addition during the month of January 2022 with an increase of 57,722 net enrolments over the previous month of December 2021.
Industry-wise payroll data indicates that the ‘expert services’ category (consisting of manpower agencies, private security agencies, small contractors, etc.) constitutes 39.95% of total subscriber addition during the month.
In addition, a growing trend in net payroll additions has been noted in industries like Expert Services, Engineering Contractors, Trading (Commercial Establishments), and Building & Construction industry, etc.