Employees Provident Fund Organisation (EPFO) added 14.12 lakh net subscribers in February led by strong growth in payroll figures in Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi, the government data showed on Wednesday.
The month-on-month comparison of payroll data reflects a slight increase of 31,826 net subscriber addition in February 2022 compared to the previous month. A year-on-year comparison shows an increase of 1,74,314 net additions during February 2022 as compared to net subscriber addition in the corresponding month of 2021.
Out of the total 14.12 lakh net subscribers added during the month, around 8.41 lakh new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time.
Approximately 5.71 lakh net subscribers exited but re-joined EPFO by transferring their accumulations from the previous PF account to the current PF account, instead of claiming 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 of 3.70 lakh additions during February 2022 followed by the age group of 29-35 years with an addition of 2.98 lakh net subscribers during the month.
In a nutshell, the age group of 18-25 years constitutes around 45 per cent of total net enrolments during the month. This age group indicates that many first-time job seekers are joining the organised sector workforce in large numbers, the ministry said.
Pan India comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana & Delhi are in lead by adding approximately 9.52 lakh net subscribers during the month, which is around 67.49 per cent of the total net payroll addition across all age groups.