Provident Fund Body Added 15.2 Lakh Subscribers In Jan 2022

Employees Provident Fund Organisation (EPFO) has added 15.29 lakh net subscribers during January 2022, as per the provisional payroll data released on Sunday.

According to the press release issued by the Ministry of Labour and Employment, a month-on-month comparison of payroll data also indicates an increase of 2.69 lakh net subscribers addition in January 2022 as compared to the net additions during the previous month of December 2021.

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 exited but re-joined EPFO by continuing their membership with EPFO instead of opting for final withdrawal. 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 per cent 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.

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 per cent of 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 ministry said.

The share of female enrolment is approximately 21 per cent of the total net subscribers addition during the month of January 2022 with an increase of 57,722 net enrolments over the previous month of December 2021.

As per the Ministry statement, Industry-wise payroll data indicates that the ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 39.95 per cent 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 and Construction industry etc.

The payroll data is provisional since the data generation is a continuous exercise, as the updation of employee records is a continuous process. The previous data hence gets updated every month. From the month of April-2018, EPFO has been releasing payroll data covering the period September, 2017 onwards.

EPFO is committed to extending social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country covered under the aegis of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.

With extensive use of social media nowadays, EPFO is also available on Twitter, WhatsApp and Facebook to help the subscribers and address their issues. (ANI)

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