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vinti | Jun 22, 2022 | Views 2

EPFO Payroll Data: EPFO Added 17.08 lakh Net Subscribers in April 2022

EPFO Payroll Data: EPFO Added 17.08 lakh Net Subscribers in April 2022

The EPFO’s provisional payroll data, which was published today, shows that in the month of April 2022, the EPFO added 17.08 lakh net members. Payroll data reveals a rise of 4.32 lakh net subscribers in April 2022 as compared to the net subscription in the same month the previous year, April 2021.

Around 9.23 lakh new members have for the first time been covered under the social security provisions of the EPF & MP Act, 1952, out of the total 17.08 lakh subscribers joined during the month. Approximately 7.85 lakh net subscribers changed positions inside EPFO-covered enterprises, left and then returned, and chose to remain members of the Scheme by transferring funds rather than showing up for ultimate withdrawal of their PF accumulations. The payroll data shows a trend of fewer members leaving over the previous four months.

The age group of 22 to 25 years has experienced the highest number of net enrolments, with 4.30 lakh additions during April 2022, according to a comparison of payroll data by age. The age group of 29 to 35 years follows, with a respectable 3.74 lakh net additions made during the month.
In a nutshell, these two age groups account for about 47.07 percent of the month’s net subscriber increases. Ages 29 to 35 might be categorised as experienced workers who changed employment in order to advance their careers and chose to work for EPFO.

The establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi continue to be in the lead by adding about 11.60 lakh net subscribers during the month, which is 67.91 percent of the total net payroll addition across all age groups, according to a comparison of payroll figures by state.

According to a gender analysis, there were almost 3.65 lakh more women on the payroll this month. The percentage of female enrollment in the overall net subscriber addition for the month of April 2022 is 21.38 percent, up 17.187 net enrollments from the month before in March 2022. The payroll data shows that the organised sector’s net enrollment of women has been expanding over the past six months.

According to the industry-specific classification of payroll data, two categories—”expert services” (which include manpower agencies, private security firms, and small contractors, among other things) and “Trading-Commercial Establishments”—account for 48.25 percent of the total number of new subscribers during the month. Other businesses that have seen growth this month include “Electrical, Mechanical or General Engineering Products,”

“Marketing Servicing, Computer Usage,” “Building & Construction Industry,” “Textile,” “Garment Making,” “Financial Establishments,” “Hospitals,” and “Schools.”
The payroll data is provisional because it is continually generated as part of the ongoing process of updating employee records. As a result, the historical data is updated each month. Payroll information for the period beginning in September 2017 has been made available by EPFO since the month of April 2018.

The EPF & MP Act of 1952 entitles its members to a multitude of benefits, which are provided by EPFO, a social security agency. It offers provident fund and pension benefits to members upon retirement as well as family pension and insurance benefits to members’ families in the event of an untimely death.

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