Formal sector workers under EPFO surge by 13.2% to 13.9 million in 2022-23
Contents News/Article Date: 20th May 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952; The Employees’ State Insurance (ESI) Act, 1948
Penalty under the Act: Whoever, for the purpose of avoiding any payment to be made by himself under this Act [the Scheme, the [Pension] Scheme] or the Insurance Scheme] or of enabling any other person to avoid such payment knowingly makes or causes to be made any false statement or false representation shall be punishable with imprisonment for a term which may extend to one year, or with fine of five thousand rupees, or with both].
Applicable to which State: All the States and Establishments to be covered by these Acts
Type: ET Bureau News Report
Pertains to: PF registered establishments and members
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And in this instance: Formal sector workers under the Employees’ Provident Fund Organisation surged by 13.2% to 13.9 million in 2022-23 compared to 12.2 million in 2021-22, shows the provisional payroll data released by the retirement fund body on Saturday.
Of the 1.34 million workers added in March, around 0.75 million new members have come under the ambit of EPFO for the first time with highest enrolment of 0.23 million in the age-group of 18-21 years followed by 0.19 million in the 22-25 years’ age group.
Subject: Formal sector workers under EPFO surge by 13.2% to 13.9 million in 2022-23
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Formal sector workers under the Employees’ Provident Fund Organisation surged by 13.2% to 13.9 million in 2022-23 compared to 12.2 million in 2021-22, shows the provisional payroll data released by the retirement fund body on Saturday.
Source: ET Bureau
Formal sector workers under the Employees’ Provident Fund Organisation surged by 13.2% to 13.9 million in 2022-23 compared to 12.2 million in 2021-22, shows the provisional payroll data released by the retirement fund body on Saturday.
However, year-on-year comparison for the month of March shows a decline of 12.5% with 1.34 million formal workers added under EPFO in March 2023 compared to 1.53 million added in March 2022.
Of the 1.34 million workers added in March, around 0.75 million new members have come under the ambit of EPFO for the first time with highest enrolment of 0.23 million in the age-group of 18-21 years followed by 0.19 million in the 22-25 years’ age group.
Total net new additions in the 18-25 years’ age group stood at 56.6% in March, indicating that the majority of the members joining organised sector workforce of the country are first-time job seekers, the ministry labour and employment said.
As per the data, approximately 1.0 million members re-joined EPFO membership in the month under consideration. “These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus extending their social security protection,” the ministry added.
Gender-wise analysis shows the net enrolment of female members stood at 0.25 million in March, 2023, which is around 19.2% of the net member addition for the month. Of these, 0.19 million female members were new joinees, which is around 25.16% addition of all the new joinees.
State-wise payroll data shows a growing trend in net member addition in the states of Haryana, Uttarakhand, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir and Mizoram, among others.
Maharashtra, Tamil Nadu, Karnataka, Haryana and Gujarat emerged as the top five states, together constituting 58.6% of net member addition during the month. Of all the states, Maharashtra added 20.6% of net members followed by Tamil Nadu with 10.83% share of net new additions.
Expert services consisting of manpower suppliers, normal contractors, security services, and others constitutes 43.7% of total member addition during the month with higher enrolments in sectors like hotels, medical practitioners and banks other than nationalised banks.
According to the statement, the payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process.
EPFO has been releasing payroll data since April 2018, covering the period September, 2017 onwards. EPFO is India’s principal organization responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the statute of EPF & MP Act, 1952.