EPFO adds 1.41 million net subscribers in February 2022
22 April 2022
The Employees Provident Fund Organisation (EPFO) added 1.41 million net subscribers in February 2022, an additional 31,826 net subscribers compared to the previous month of January 2022, provisional payroll data released on Wednesday showed.
Year-on-year comparison shows an increase of 1,74,314 net subscribers during February 2022 compared to net subscriber addition in corresponding month of 2021. There has been consistent increase in the net subscriber additions since October 2021 showcasing trust in the services rendered by the organisation.
Out of the total 1.41 million net subscribers added during the month, around 8.41 lakh new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time. Approximately 5.71 lakh net subscribers exited but re-joined EPFO by transferring their accumulations from previous PF account to the current PF account, instead of opting for final withdrawal.
Age-wise comparison of payroll data indicates that the age-group of 22-25 years has been on the forefront by recording the highest number of net enrolments of 3.70 lakh additions during February 2022, followed by the age-group of 29-35 years with an addition of 2.98 lakh net subscribers during the month. This shows that the age-group of 18-25 years constitutes around 45 per cent of total net enrolments during the month. This indicates that many first-time job seekers are joining the organised sector workforce in large numbers.
Pan India comparison of payroll figures shows that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi are in the lead by adding approximately 9.52 lakh net subscribers during the month, which is around 67.49 per cent of total net payroll additions across all age groups.
Gender-wise analysis indicates that net female payroll addition during the month is approximately 3.10 lakh during the month. Share of female enrolment is 21.95 per cent of the total net subscriber additions during February 2022, with an increase of 22,402 net enrolments over January 2022. This is largely due to lower female exits and higher new joining during the month. Also, net female subscribers have consistently increased since October 2021, indicating increasing participation of women in the workforce.
Industry-wise payroll data indicates that mainly two categories, ie, ‘Expert Services’ (consisting of manpower agencies, private security agencies and small contractors etc) and ‘Trading-Commercial establishments’ constituted 47.28 per cent of total subscriber additions during the month. Moreover, growing trend in net payroll addition has been prominent in industries like ‘Engineering Contractors’, ‘Automobile Servicing’, ‘Building & Construction’ industry 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. Starting April 2018, EPFO has been releasing payroll data covering the period September 2017 onwards.
EPFO is country’s principal organization responsible for providing social security benefits to the organised/semi-organised sector workforce covered under the statute of EPF & MP Act, 1952.