EPFO Adds 16.8 Lakh Subscribers In May; 22-25 Age Group Sees Most Net Enrollments

The Employees’ Provident Fund Organization (EPFO) added round 16.8 lakh new subscribers in May, a rise of over 80 per cent as in contrast with the 9.2 lakh subscribers registered in May final yr. “Out of the total 16.82 lakh subscribers added during the month, around 9.60 lakh new members have been covered under the ambit of EPF & MP Act, 1952, for the first time,” in keeping with the labor ministry.

“EPFO has added 16.82 lakh net subscribers in the month of May, 2022. Year-on-year comparison of payroll data shows an increase of 7.62 lakh net subscribers in May, 2022 as compared to the net subscription in the month of May, 2021 last year,” the ministry stated in a press release on Wednesday.

It added that about 7.21 lakh web subscribers exited however rejoined EPFO ​​by altering their jobs inside the institutions coated by the EPFO ​​and opted to proceed their membership beneath the EPF scheme, by transferring their funds as an alternative of making use of for remaining PF withdrawal. The new enrollment throughout the month is larger than the month-to-month common recorded over the past fiscal.

Age-wise, the age group of 22-25 years has registered the best variety of web enrollments with 4.33 lakh additions throughout May 2022. This reveals that many first-time job seekers are becoming a member of organized sector workforce in giant numbers, the ministry stated.

“State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi to remain in lead by adding approximately 11.34 lakh net subscribers during the month, which is 67.42% of total net payroll addition across all age groups,” it added.

On the idea of gender, the newest knowledge means that web feminine payroll addition was about 3.42 lakh throughout May and the share of feminine enrolment was 20.39 per cent of the online subscriber addition throughout the month of May 2022.

The classification of industry-wise payroll knowledge signifies that primarily two classes ie ‘professional companies’ (consisting of manpower businesses, personal safety businesses and small contractors and many others.) and ‘trading-commercial institutions’ represent 50.51 per cent of the full subscriber addition throughout the month. Apart from this, a rising pattern has been famous in different industries like ‘Building & Construction {industry}’, ‘Garments Making’, ‘Financing Establishment’, ‘Hotel’ and ‘Iron and Steel’ throughout the month.

The labor ministry, nevertheless, stated, “The payroll knowledge is provisional because the knowledge technology is a steady train, as updation of worker document is a steady course of. The earlier knowledge therefore will get up to date each month. From the month of April 2018, EPFO ​​has been releasing payroll knowledge protecting the interval September 2017 onwards.”

The retirement fund physique had added 17.08 lakh web new subscribers in April 2022, which was 34 per cent greater than 12.76 lakh enrolled in April 2021. A year-on-year comparability of payroll knowledge had proven a rise of 4.32 lakh web subscribers in April 2022 in comparison with the online subscription in the identical month final yr. Thus, the online new subscribers had been 12.76 lakh in April 2021.

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