EPFO adds 15.32 lakh net subscribers in March

Employees' Provident Fund Organisation (EPFO) has added 15.32 lakh net subscribers in the month of March 2022, according to provisional payroll data released on Friday. Month-on-month comparison of payroll data shows an increase of 2.47 lakh net subscribers in March 2022 comparing with the net additions during the month of February 2022.

Of the total 15.32 lakh net subscribers added during the month, around 9.68 lakh new members have been covered under the provisions of EPF & MP Act, 1952 for the first time.

The new member addition has increased by 81,327 in the month of March 2022 as compared with the previous month. Approximately 5.64 lakh net subscribers exited but re-joined the establishments covered under EPFO by transferring their funds from the 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 registering the highest number of net enrolments with 4.11 lakh additions during March 2022. 

This is followed by the age group of 29-35 with the addition of 3.17 lakh net subscribers. The age group of 18-21 years also added around 2.93 lakh net subscribers during the month. The age group of 18-25 years constitutes around 45.96 per cent of net subscribers added during the month. "Age-wise payroll data indicates that many first-time job seekers are joining the organised sector workforce in large numbers," noted the Ministry of Labour & Employment in an official statement. 

State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi remain in lead by adding approximately 10.14 lakh net subscribers during the month, which is 66.18 per cent of the total net payroll addition across all age groups.

Gender-wise analysis indicates that net female payroll addition is approximately 3.48 lakh during the month. The share of female enrolment is 22.70 per cent of total net subscribers added during the month of March 2022

"Industry-wise payroll data indicates that mainly two categories of 'expert services' (consisting of manpower agencies, private security agencies and small contractors etc.) and 'Trading-Commercial establishments' constitute 47.76 per cent of total subscriber addition during the month," noted the ministry. It had noticed an emerging trend in net payroll addition in industries like Textiles, Heavy-Fine chemicals, Hotels & Restaurants etc. in March 2022.

EPFO is the country's principal organisation responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the purview of EPF & MP Act, 1952. It offers to its members a myriad of services, which includes provident fund, insurance and pension both for members and their families.

Also read: EPFO adds 14.12 lakh net subscribers in Feb: Govt