Retirement fund physique EPFO on Wednesday stated it added 14.12 lakh subscribers in February 2022, 14 per cent greater than 12.37 lakh enrolled in the identical month a 12 months in the past.
“The provisional payroll data of EPFO released today highlights that EPFO has added 14.12 lakh net subscribers in the month of February 2022,” a labour ministry assertion stated.
The Employees’ Provident Fund Organisation (EPFO) information confirmed that web enrolments between April 2021 and February 2022 have been 1.11 crore. During all the monetary 12 months 2020-21, the web enrolments have been 77.08 lakh, decrease than 78.58 lakh added in 2019-20.
According to the assertion, the month-on-month comparability of payroll information displays a slight improve of 31,826 web subscriber addition in February 2022 in comparison with January 2022.
Year-on-year comparability exhibits a rise of 1,74,314 web additions throughout February 2022 as in comparison with that within the corresponding month of 2021.
The web subscriber addition was 13,79,977 in January 2022 and 12,37,489 in February 2021.
The assertion stated that there was a constant improve within the web subscriber addition since October 2021, showcasing belief within the providers rendered by the organisation.
Out of the full 14.12 lakh subscribers added through the month, round 8.41 lakh new members have been enrolled underneath the social safety cowl of the Employees’ Provident Fund & Miscellaneous Provisions Act, 1952 for the primary time.
Around 5.71 lakh subscribers exited however re-joined EPFO by transferring their accumulations from earlier PF account to the present PF account, as an alternative of claiming for remaining withdrawal.
Age-wise comparability of payroll information signifies that the age-group of 22-25 years has been on the forefront by registering the very best variety of web enrolments of three.70 lakh throughout February 2022, adopted by the age-group of 29-35 years with an addition of two.98 lakh web subscribers through the month.
In a nutshell, the age-group of 18-25 years constitutes round 45 per cent of whole web enrolments through the month. This age-group signifies that many first-time job seekers are becoming a member of the organised sector workforce in massive numbers.
Pan-India comparability of payroll figures highlights that the institutions in Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi are in lead by including roughly 9.52 lakh web subscribers through the month, which is round 67.49 per cent of whole web payroll addition throughout all age teams.
Gender-wise evaluation signifies that web feminine payroll addition through the month is roughly 3.10 lakh.
Share of feminine enrolment is 21.95 per cent of the full web subscriber addition throughout February 2022, up 22,402 over the earlier month.
This is basically as a consequence of lesser variety of feminine exits and extra new becoming a member of through the month. Also, the variety of feminine subscribers has persistently risen since October 2021, indicating elevated participation of ladies within the workforce, it acknowledged.
Industry-wise payroll information signifies that primarily two classes– skilled Services (consisting of manpower companies, non-public safety companies and small contractors and so on) and trading-commercial institutions– represent 47.28 per cent of the full subscriber addition through the month. Moreover, rising pattern in web payroll addition has been famous in industries like ‘engineering contractors’, ‘automobile servicing’ and ‘building & construction’.
Since April, 2018, the EPFO has been releasing payroll information overlaying the interval from September 2017 onwards.
Source: www.financialexpress.com”