EPFO Adds 16.82 lakh Net Subscribers In May

21 Jul 2022 , 11:38 AM

The Employees Provident Fund Organisation (EPFO) 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, according to data released by the Labour Ministry. 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. Approximately 7.21 lakh net subscribers exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to continue their membership under the EPF Scheme, by transferring their funds instead of applying for final PF withdrawal. The new enrolment during the month is higher than the monthly average recorded during the last fiscal. Age-wise comparison of payroll data indicates that the age-group of 22-25 years has registered the highest number of net enrolments with 4.33 lakh additions during May, 2022. This shows that many first-time job seekers are joining organised sector workforce in large numbers. 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. Gender-wise analysis indicates that net female payroll addition is approximately 3.42 lakh during the month and share of female enrolment is 20.39% of the net subscriber addition during the month of May, 2022. Powered by Capital Market – Live News