HomeBusinessEmployees' Provident Fund Organization added 18.23 lakh subscribers in July

Employees’ Provident Fund Organization added 18.23 lakh subscribers in July

Employees' Provident Fund Organization added 18.23 lakh subscribers in July

The figures of new members joining EPFO ​​have shown a continuous increasing trend since April 2022.

New Delhi:

According to official data, retirement fund body EPFO ​​added 18.23 lakh new subscribers in July 2022, an increase of 24.48 per cent over the year-ago period.

A Labor Ministry statement said that the Employees’ Provident Fund Organization (EPFO) provisional payroll data released on Tuesday showed that out of the total new members added in July, around 10.58 lakh members came under the social security cover of EPFO ​​for the first time. Huh. ,

It said that the figures of new members joining the EPFO ​​are showing an increasing trend from April 2022 onwards.

About 57.69 per cent of the 10.58 lakh new members added are in the age group of 18-25 years. This shows that a large number of first time job seekers after their education are joining the organized sector workforce and new jobs in the organized sector are getting to the youth of the country at large.

During the month, around 4.07 lakh members exited the purview of EPFO ​​and 11.72 lakh members exited and joined EPFO. These members have opted to maintain their membership through transfer of funds rather than opting for final settlement. This can be attributed to various e-initiatives taken by EPFO ​​for seamless and uninterrupted service delivery.

Gender-wise analysis of payroll data indicates that net female members enrollment stood at 4.06 lakh in July 2022, an increase of 34.84 per cent over July 2021.

Enrollment of women workforce was recorded at 27.54 per cent of the total new members joining EPFO ​​during the month, which is the highest in the last 12 months. This indicates that women participation in the organized workforce is increasing with respect to new members joining EPFO.

State-wise payroll data shows that the states of Tamil Nadu, Delhi, Telangana, Andhra Pradesh and Madhya Pradesh showed a month-on-month growth trend.

During the month, the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi continued to lead by adding around 12.46 lakh net members during the month, which is 68.36 per cent of the total net payroll addition across all age groups. ,

The classification of industry-wise payroll data indicates that there are mainly two categories namely ‘specialist services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘trade-commercial establishments’ accounting for 46.20 per cent of the total member growth. month. High enrollment has been observed in industries like ‘schools’, ‘building and construction industries’, ‘financial establishments’ etc.

Payroll data is provisional because data creation is an ongoing exercise, as the updating of employee records is an ongoing process. The previous data is therefore updated every month. From April 2018, EPFO ​​has been releasing payroll data covering the period from September 2017 onwards.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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