EPFO adds 15.32 Lakh Net Subscribers in March 2022
EPFO’s provisional payroll data, released on May 20, 2022, shows that the organisation added 15.32 lakh net members in March 2022. When comparing payroll statistics from month to month, a rise of 2.47 lakh net subscribers was seen in March 2022, compared to net additions in February 2022.
Around 9.68 lakh new members were covered for the first time under the terms of the EPF and MP Act, 1952, out of the total 15.32 lakh net subscribers recruited during the month. In March 2022, the number of new members climbed by 81,327 as compared to the previous month.
Instead of opting for final withdrawal, around 5.64 lakh net subscribers left but rejoined EPFO-covered establishments by moving monies from their prior PF account to their current PF account.
A comparison of payroll data by age shows that the age group 22-25 years has been in the forefront, with 4.11 lakh net enrolments in March 2022. The age bracket 29-35 comes in second, with 3.17 lakh new net users. During the month, the 18-21 age bracket added roughly 2.93 lakh new net members. During the month, the age group of 18-25 years added 45.96 percent of new net customers. Payroll data by age shows that a high proportion of first-time job searchers are joining the organised sector employment.
The enterprises covered in the states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana, and Delhi continue to lead the way by adding roughly 10.14 lakh net subscribers during the month, accounting for 66.18 percent of total net payroll addition across all age categories.
According to gender research, the net female payroll addition for the month was around 3.48 lakh. Female enrolment accounted for 22.70 percent of total net subscriber additions in March 2022, an increase of 65,224 net enrolments over the previous month of February 2022. From October 2021, women’s participation in the organised workforce is on the rise.
According to industry-specific payroll data, ‘professional services’ (such as manpower agencies, private security agencies, and small contractors) and ‘Trading-Commercial enterprises’ account for 47.76 percent of overall subscriber additions for the month. Textiles, Heavy-Fine chemicals, Hotels & Restaurants, and other businesses saw an increase in net payroll addition in March 2022, compared to net subscriber addition in February 2022.
Because data generation is a continual activity, and the process of updating employee records is done on a regular basis, the payroll data is provisional. As a result, the preceding data is updated once a month. EPFO has been releasing payroll statistics for the months of September 2017 and forward from April 2018.
EPFO is the country’s primary institution in charge of providing social security benefits to workers in the organised and semi-organized sectors who are covered by the EPF and MP Act of 1952. It provides a variety of services to its members, including a provident fund, insurance, and pensions for both members and their families.