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PF organisation adds 16.82 lakh net subscribers in Sept 2022


Employee Provident Fund Organization (EPFO) interim payroll data shows that EPFO ​​added 16.82K net subscribers in September 2022, representing a 9.14% increase in membership. net pellets. This is compared with the corresponding month in the previous year in 2021. Compared to the monthly average recorded in the previous financial year, net subscriptions for the month were 21.85% higher.

According to the data, nearly 2,861 new establishments have begun to comply with the Employee Provident and Miscellaneous Provisions Act of 1952 to ensure social insurance for their employees.

The press release of the Ministry of Labor & Employment mentioned: “Out of a total of 16.82 thousand members added in the month, about 9.34 thousand new members were first reported by EPFO. Among new members, the age group 18-21 registered the most with 2.94 lakh members. Next is the 21-25 age group with 2,54 lakh members.”

“About 58.75% are from the 18-25 age group. This suggests that first-time job seekers are entering the workforce in the organized sector in large numbers after their studies, and that new jobs in the organized sector will be largely gendered. youth of the country,” the ministry said.

In September 2022, about 7.49k net members left EPFO ​​but rejoined by changing their jobs within the organizations. They also chose to transfer funds from their previous PF account to the current account.

“Payroll data indicates that the number of members exiting EPFO ​​coverage has consistently declined over the past three months. Monthly comparisons show that approximately 9.65% of lower members left the EPFO ​​in September 2022 compared with the previous month,” it said.

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The Union Ministry said, “Analysis of payroll data by gender shows that the number of female members actually enrolled was 3.5 lakh as of September 2022. Comparison of annual enrollment data shows the number True female membership in the organized workforce increased at a growth rate of 6.98 percent in September 2022 compared to the previous year’s net female membership rate in September 2022. 2021.”

“Of the total number of new members joining EPFO ​​during the month, the female workforce enrollment rate was recorded as 26.36%,” it added.

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