Employees Provident Fund Organization Adds 18.23 Lakh Subscribers in July

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The data of new members joining EPFO ​​has been on a growing trend since April 2022.

New Delhi:

Pension fund EPFO ​​added 18.23 lakh new subscribers in July 2022, up 24.48 percent from the same period a year ago, according to official data.

Preliminary payroll data from the Employees’ Provident Fund Organization (EPFO) released Tuesday highlighted that of the total new members added in July, about 10.58 lakh members are covered by EPFO’s social security coverage for the first time, according to a statement from the Ministry of Labor. .

The data of new members joining EPFO ​​shows a growing trend since April 2022, the report said.

Of the 10.58 lakh new members added, about 57.69 percent are in the 18-25 age group. This shows that new jobs in the organized sector enter the workforce of the organized sector in large numbers after their education and that new jobs in the organized sector largely go to the youth of the country.

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During the month, about 4.07 lakh members left the domain of EPFO ​​and 11.72 lakh members left and rejoined EPFO. These members have chosen to keep their membership through money transfer rather than opting for a final settlement. This can be attributed to several EPFO ​​e-initiatives for seamless and uninterrupted service delivery.

Gender analysis of wage data indicates that the enrollment of net female members was 4.06 lakh in July 2022, an increase of 34.84 percent compared to that in July 2021.

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Of the total number of new members who join EPFO ​​during the month, 27.54 percent of the female workforce is recorded, which is the highest in the last 12 months. This indicates that women’s participation in the organized workforce is increasing with respect to new members joining EPFO.

State wage figures show that a month-on-month growing trend in net membership has been observed in the states of Tamil Nadu, Delhi, Telangana, Andhra Pradesh and Madhya Pradesh.

During the month, the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi remain in the lead by adding about 12.46 lakh net members during the month, which is 68.36 percent of the total net wage gain in all age groups.

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The classification of sector-specific payroll data indicates that mainly two categories, namely ‘expert services’ (consisting of employment agencies, private security agencies and small contractors, etc.) month. Higher enrollments have been noted in sectors i.e. ‘Schools’, ‘Building and Construction Industry’, ‘Financing Institution’ etc.

The payroll data is preliminary as data generation is an ongoing exercise as updating personnel files is an ongoing process. The previous data is therefore updated every month. From April 2018 EPFO ​​publishes payroll data for the period from September 2017.

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