EPFO adds 16.82 lakh net subscribers in May 2022

Photo: BCCL

The Employees’ provident fund (EPFO) added 16.82 lakh net subscribers in May, 7.62 lakh more than the net addition recorded in the same month a year ago, according to data released by the Ministry of Labour.

According to preliminary EPFO ​​payroll data, of the total 16.82 lakh subscribers added during the month, about 9.60 lakh new members were covered for the first time under the program. ‘EPF & MP Act, 1952.

“About 7.21 lakh net subscribers exited but joined EPFO ​​by changing jobs within institutions covered by EPFO ​​and opted to continue their membership in the EPF program, transferring their funds instead of applying for the permanent withdrawal of the PF,” the ministry said in a statement. . New registrations during the month are higher than the monthly average recorded in the last financial year, he added.

Related News

EPFO may increase the equity investment limit to 20

EPFO may increase equity investment limit to 20%

EPFO payroll data 1708 lakh net subscribers added in April

EPFO payroll data: 17.08 lakh net subscribers added in April

Comparison by age of payroll data indicates that the 22 to 25 year age group had the highest number of net enrollments with additions of 4.33 lakh in May 2022. This shows that many applicants for the first time are joining the organized sector workforce in large numbers.

Comparison of payroll figures by state highlights that establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi remain in the lead by adding around 11.34 subscribers net lakh during the month or 67.42% of the total net payroll addition across all age groups.

Analysis by gender indicates that the net addition of female payroll is about 3.42 lakh in the month and the share of female registrations is 20.39% of the net addition of subscribers in the during the month of May 2022, according to the press release.

The classification of payroll data by sector indicates that mainly two categories, namely “expert services” (composed of labor agencies, private security agencies and small contractors, etc.) and “business and commercial establishments”, constitute 50.51% of the total addition of subscribers during the month. , he added.

Comments are closed.