Provident Fund Adds 15.32 Subscribers In March 2022

Employees Provident Fund Organisation (EPFO) added 15.32 lakh net subscribers in March 2022, an increase of 2.47 lakh over the previous month, the government data showed on Friday.

Of the total 15.32 lakh net subscribers added during the month, around 9.68 lakh new members have been covered under the provisions of EPF & MP Act, 1952 for the first time. The new member addition has increased by 81,327 in the month of March, 2022 as compared with previous month.

Approximately 5.64 lakh net subscribers exited but re-joined the establishments covered under EPFO by transferring their funds from the previous PF account to the current PF account, instead of opting for final withdrawal, according to data released by the Ministry of Labour & Employment.

Age-wise comparison of payroll data indicates that the age-group of 22-25 years has been on the forefront by registering the highest number of net enrolments with 4.11 lakh additions during March, 2022. This is followed by age-group of 29-35 with addition of 3.17 lakh net subscribers.

The age-group of 18-21 years also added around 2.93 lakh net subscribers during the month. The age-group of 18-25 years constitutes around 45.96 per cent net subscribers addition during the month. Age-wise payroll data indicates that many first time job seekers are joining organised sector workforce in large numbers.

State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi to remain in lead by adding approximately 10.14 lakh net subscribers during the month, which is 66.18 per cent of total net payroll addition across all age groups.

Gender-wise analysis indicates that net female payroll addition is approximately 3.48 lakh during the month. Share of female enrolment is 22.70 per cent of total net subscribers addition during the month of March, 2022 with an increase of 65,224 net enrolments over the previous month of February, 2022. The participation of women in organised workforce is showing a positive trend from October, 2021.

Industry-wise payroll data indicates that mainly two categories of ‘expert services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Trading-Commercial establishments’ constitute 47.76 per cent of total subscriber addition during the month.

Growing trend in net payroll addition has been noted in industries like Textiles, Heavy-Fine chemicals, Hotels & Restaurants etc. in March, 2022 as compared to net subscriber addition in February, 2022, the Ministry of Labour & Employment said in a statement. (ANI)