New Delhi: retirement fund body EPFO added 17.08 lakh net new subscribers in April 2022, an increase of nearly 34 per cent from 12.76 lakh enrolled in the same month a year ago.
provisional payroll data of EPFO A labor ministry statement released on Monday highlighted that the Employees’ Provident Fund Organization has added 17.08 lakh net subscribers in the month of April 2022.
According to the statement, the year-on-year comparison of payroll data shows an increase of 4.32 lakh net subscribers in April 2022 as compared to net subscriptions in the same month last year.
Thus, the net new subscribers in April 2021 were 12.76 lakhs.
The data showed that the number of net new customers increased to 1.22 crore in 2021-22 from 77.08 lakh in 2020-21, 78.58 lakh in 2019-20 and 61.12 lakh in 2018-19.
Out of the total 17.08 lakh subscribers added during the month of April, about 9.23 lakh new members have come under the social security cover of EPF and MP Act, 1952 for the first time.
About 7.85 lakh net subscribers changed their jobs within the establishments covered by EPFO, exited and rejoined the establishments covered by EPFO and joined under the scheme through transfer of funds instead of coming for their final withdrawal. opted to retain. PF accumulation.
The payroll data shows a declining trend of member exits during the past four months, the statement said.
Age-wise comparison of payroll data indicates that the age group of 22-25 years recorded the highest net enrollment during April 2022 with an addition of 4.30 lakh. It is followed by the age group of 29-35 years with healthy growth. 3.74 lakh net additions during the month.
In short, these two age groups increase the total subscriber base by about 47.07 percent during the month. The age group of 29-35 years can be considered as experienced employees, who have changed jobs for career growth and have opted to stay with EPFO.
A state-wise comparison of payroll data shows that establishments comprising Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi remained the leaders adding around 11.60 lakh net customers during the month, which is 67.91 per cent of the total net payrolls. Extra in all age groups.
Gender-wise analysis indicates that the net female wage growth during the month is around 3.65 lakhs.
The share of female enrollment is 21.38 per cent of the total net subscriber growth during April 2022, with an increase of 17,187 net enrollments over the previous month.
There has been an increase in the net enrollment of women workforce in the organized sector in the last six months.
Classification of payroll data industry-wise indicates that mainly two categories i.e. ‘Specialist Services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Business-Commercial Establishments’ account for 48.25 per cent of the total customer growth. month.
In addition, a rising trend has been observed during the month in other industries such as ‘Electrical, Mechanical or General Engineering Products, Marketing Servicing, Computer Access, Building and Construction Industries, Textiles, Apparel Manufacturing, Financial Establishments, Hospitals and Schools’.
Payroll data is provisional because data generation is an ongoing exercise, as the updating of employee records is an ongoing process. The previous data is therefore updated every month.
From April 2018, EPFO has been releasing payroll data covering the period of September 2017.
EPFO is a social security organization responsible for providing many benefits to the members covered under the statute of EPF and MP Act, 1952.
It provides provident fund, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of untimely death of the member.
provisional payroll data of EPFO A labor ministry statement released on Monday highlighted that the Employees’ Provident Fund Organization has added 17.08 lakh net subscribers in the month of April 2022.
According to the statement, the year-on-year comparison of payroll data shows an increase of 4.32 lakh net subscribers in April 2022 as compared to net subscriptions in the same month last year.
Thus, the net new subscribers in April 2021 were 12.76 lakhs.
The data showed that the number of net new customers increased to 1.22 crore in 2021-22 from 77.08 lakh in 2020-21, 78.58 lakh in 2019-20 and 61.12 lakh in 2018-19.
Out of the total 17.08 lakh subscribers added during the month of April, about 9.23 lakh new members have come under the social security cover of EPF and MP Act, 1952 for the first time.
About 7.85 lakh net subscribers changed their jobs within the establishments covered by EPFO, exited and rejoined the establishments covered by EPFO and joined under the scheme through transfer of funds instead of coming for their final withdrawal. opted to retain. PF accumulation.
The payroll data shows a declining trend of member exits during the past four months, the statement said.
Age-wise comparison of payroll data indicates that the age group of 22-25 years recorded the highest net enrollment during April 2022 with an addition of 4.30 lakh. It is followed by the age group of 29-35 years with healthy growth. 3.74 lakh net additions during the month.
In short, these two age groups increase the total subscriber base by about 47.07 percent during the month. The age group of 29-35 years can be considered as experienced employees, who have changed jobs for career growth and have opted to stay with EPFO.
A state-wise comparison of payroll data shows that establishments comprising Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi remained the leaders adding around 11.60 lakh net customers during the month, which is 67.91 per cent of the total net payrolls. Extra in all age groups.
Gender-wise analysis indicates that the net female wage growth during the month is around 3.65 lakhs.
The share of female enrollment is 21.38 per cent of the total net subscriber growth during April 2022, with an increase of 17,187 net enrollments over the previous month.
There has been an increase in the net enrollment of women workforce in the organized sector in the last six months.
Classification of payroll data industry-wise indicates that mainly two categories i.e. ‘Specialist Services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Business-Commercial Establishments’ account for 48.25 per cent of the total customer growth. month.
In addition, a rising trend has been observed during the month in other industries such as ‘Electrical, Mechanical or General Engineering Products, Marketing Servicing, Computer Access, Building and Construction Industries, Textiles, Apparel Manufacturing, Financial Establishments, Hospitals and Schools’.
Payroll data is provisional because data generation is an ongoing exercise, as the updating of employee records is an ongoing process. The previous data is therefore updated every month.
From April 2018, EPFO has been releasing payroll data covering the period of September 2017.
EPFO is a social security organization responsible for providing many benefits to the members covered under the statute of EPF and MP Act, 1952.
It provides provident fund, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of untimely death of the member.