EPFO adds 18.36 lakh net subscribers in June


PTI, Aug 20, 2022, 8:46 PM IST

Representative Image (Source: Pinterest)

New Delhi: Retirement fund body EPFO added 18.36 lakh new subscribers in June 2022, registering 43 percent rise as compared to the year-ago period, according to official data.

The Employees’ Provident Fund Organisation (EPFO) had added 12.83 lakh net new subscribers in June 2021, the data showed.

The provisional payroll data of EPFO released on Saturday highlights that the organisation added 18.36 lakh net members in June 2022, a labour ministry statement said.

In June this year, the net member addition increased by 9.21 per cent as compared to May 2022.

Out of the total 18.36 lakh members added during the month, around 10.54 lakh new members have been covered under EPF & MP Act, 1952 for the first time.

New members joining has shown a growing trend since April 2022. Approximately 7.82 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of applying for final PF withdrawal.

The new enrolment during the month was higher than the monthly average recorded during the last fiscal year,it stated.

The payroll data shows that the age group of 22-25 years registered the highest number of net enrolments with 4.72 lakh additions during June 2022. This shows that many first-time job seekers are joining the organized sector workforce in large numbers.

State-wise comparison of payroll figures highlights that the establishments covered in Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi continue to remain in lead by adding approximately 12.61 lakh net members during the month, which is 68.66 percent of the total net payroll addition across all age groups, it stated.

It showed that enrolment of net female members increased to 4.06 lakh in the month from 3.43 lakh during Ma, registering an increase of 18.37 percent.

It is also observed that participation of female workforce in the organised sector has been the highest in last 12 months.

Accordingly, the percentage share of net female member addition increased from 20.37 percent in May 2022 to 22.09 percent in June.

As per the data, mainly two categories — ‘expert services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘trading-commercial establishments’– constitute 47.63 percent of the total member addition during the month.

As compared to May, higher enrolments were noticed in industries like schools, garments making, expert services & textile etc.

The payroll data is provisional since the data generation is a continuous exercise, as updation of employee record is a continuous process.

The previous data hence gets updated every month. From April 2018, the EPFO has been releasing payroll data covering the period September 2017 onwards.

The EPFO’s payroll is a part of the organized sector workforce for those establishments which are covered under the provisions of Employees’ Provident Funds & Miscellaneous Provisions (EPF & MP)Act, 1952.

It is a social security organization that provides provident fund, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of untimely death of the member.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

BJP stages protest against Karnataka govt over Waqf properties row

Youth attempts suicide after being humiliated in public for wearing ripped jeans in Belthangady

India crawl to 51 for 4 after losing top-order

Nursing student suicide: Three students arrested in Kerala

Nadda’s letter to Kharge full of falsehoods: Cong

10 month baby gets new heart, new life

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Related Articles More

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

RBI cautions public about ‘deepfake’ video of governor being circulated on social media

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

BJP stages protest against Karnataka govt over Waqf properties row

US charges against Adani, 7 others could lead to arrest warrants, extradition bid: attorney

Youth attempts suicide after being humiliated in public for wearing ripped jeans in Belthangady

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kerala HC denies bail to police officer accused of ‘raping’ minor Dalit girl

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.