EPFO adds 15.29 lakh net subscribers in January 2022 | Personal finance news

New Delhi: The Employees Provident Fund Organization (EPFO) added 15.29 lakh net subscribers in January 2022, according to provisional payroll data released on Sunday. According to the press release issued by the Ministry of Labor and Employment, a monthly comparison of payroll data also indicates an increase of 2.69 lakh in net additions of subscribers in January 2022 compared to net additions during the previous month of December 2021. .

Out of the total 15.29 lakh, net subscribers added during the month, about 8.64 lakh new members were registered under the social security of the EPF & MP Act, 1952 for the first time.

About 6.65 lakh net subscribers exited but joined EPFO ​​by continuing their EPFO ​​membership instead of opting for permanent withdrawal. The payroll data also reflects a downward trend in the number of members leaving since July 2021.

Age comparison of payroll data shows that the 18-25 age group had the highest number of net enrollments with 6.90 lakh additions in January 2022, or about 45.11% the total number of net subscribers added during the month.

Next comes the age group of 29 to 35 with a healthy addition of around 3.23 lakh net listings. This indicates that many first-time job seekers are joining the organized sector workforce in large numbers and represents a crucial step for an individual’s earning potential.

Comparison of payroll figures by state shows that establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are leading in adding about 9.33 lakh subscribers over the course of of the month, or about 61% of the total net addition to payroll. in all age groups.

The gender analysis indicates that the net increase in women’s payroll in the month is about 3.20 lakh in the month, the ministry said. The share of female registrations is approximately 21% of the total net subscriber addition during the month of January 2022, with an increase of 57,722 net registrations compared to the previous month of December 2021.

According to the ministry’s statement, industry payroll data indicates that the “expert services” category (composed of labor agencies, private security agencies and small contractors, etc. .) accounts for 39.95% of the total subscriber additions during the month.

In addition, an increasing trend of net payroll additions has been noted in sectors such as expert services, engineering contractors, commerce (business establishments), building and construction, etc.

Payroll data is provisional because data generation is an ongoing exercise, just as updating employee records is an ongoing process. Previous data is therefore updated monthly. Since April 2018, EPFO ​​has been publishing payroll data covering the period of September 2017.

EPFO is committed to extending social security benefits in the form of provident funds, pensions and insurance to the country’s organized labor force covered by the Provident Funds and various employee arrangements. Here’s why Meta locks users’ FB profiles

With heavy use of social media these days, EPFO ​​is also available on Twitter, WhatsApp and Facebook to help subscribers and troubleshoot their issues. Also Read: Shark Tank Investor Ashneer Grover Reacts to Ashish Chanchlani’s Sasta Shark Tank; Check what he said

Live

#mute

About Deborah Wilson

Check Also

MTF Finance Partners with Institute of Directors for Future Directors Program

Friday, June 24, 2022, 6:19 a.m.Press release: MTF Funding Preparing leaders to stand for appointment …