Pension fund EPFO said on Wednesday that it added 14.12 lakh subscribers in February 2022, up 14% from the 12.37 lakh subscribers in the same month a year ago.
“Preliminary EPFO payroll data released today shows that EPFO added 14.12 lakh net subscribers in February 2022,” the Department of Labor said in a statement.
Data from the Employees Provident Fund Organization (EPFO) showed that net enrollments between April 2021 and February 2022 were 1.11 million.
For the full 2020-21 fiscal year, net contributions were 77.08 lakh, down from 78.58 lakh added in 2019-20.
According to the press release, the monthly salary data comparison reflects a slight increase of 31,826 net subscriber additions in February 2022 compared to January 2022.
The year-on-year comparison shows an increase of 1,74,314 net additions in February 2022 compared to the same month in 2021.
The net increase in subscribers was 13,79,977 in January 2022 and 12,37,489 in February 2021.
The release says that the net addition of subscribers has increased steadily since October 2021, demonstrating confidence in the services provided by the organization.
Of the total 14.12 lakh, subscribers added during the month, approximately 8.41 lakh new members registered for the first time under the social security coverage of the Employees’ Provident Fund Act 1952 and other arrangements.
Around 5.71 lakh subscribers opted out but joined EPFO by transferring their accumulations from the previous PF account to the current PF account instead of requesting the final withdrawal.
The age comparison of salary data shows that in February 2022, the 22-25-year-old age group recorded the highest number of net enrollments with 3.70 lakh, followed by the 29-35-year-old age group with 2. .98 lakh net subscribers for the whole month.
In summary, the 18-25 age group represents about 45 percent of the total net registrations during the month.
This age group indicates that many first-time job seekers enter the organized sector in large numbers.
Pan-India payroll comparison shows installation in Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana, and Delhi leading the way, adding around 9.52 lakh net subscribers over the month, or around 67.49% of the increased total net payroll in all age groups.
Analysis by gender shows that the net increase in payroll for women this month is about 3.10 lakh.
The registrations of women represented 21.95% of the total net increase in subscribers in February 2022, 22,402 more than in the previous month.
This was mainly due to fewer female departures and an increase in transfers throughout the month.
In addition, the number of female subscribers has increased steadily since October 2021, indicating greater participation of women in the labor market, it said.
Industry payroll data shows that two main categories: expert services (consisting of employment agencies, private security agencies, small contractors, etc.) and commercial establishments, accounted for 47.28% of total subscriber growth during the month.
In addition, a growing trend of net increases in wage costs was observed in sectors such as ‘engineering’, ‘automotive services’ and ‘construction’.
Since April 2018, EPFO has been publishing payroll data for the period starting in September 2017.