EPFO adds 15.32 lakh net subscribers in March' 22, 7 lakh below 25 yrs
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Amid allegations of rising unemployment, the Labour Ministry on Friday said that the EPFO has added 15.32 lakh net subscribers in March 2022, as per the provisional payroll data, an increase of 2.47 lakh net subscribers over February 2022.
The data states that of the net subscribers added during the month, around 9.68 lakh new members have been covered under the provisions of EPF and MP Act, 1952 for the first time. The new member addition has increased by 81,327 in March 2022 as compared with previous month.
Approximately 5.64 lakh net subscribers exited but re-joined the establishments covered under EPFO by transferring their funds from previous PF account to the current PF account, instead of opting for final withdrawal.
The data also shows that in the age-wise comparison of payroll data, the age group of 22-25 years has been on the forefront by registering the highest number of net enrolments with 4.11 lakh additions during March 2022. This is followed by the age-group of 29-35 with addition of 3.17 lakh net subscribers.
The age-group of 18-21 years also added around 2.93 lakh net subscribers during the month. The age-group of 18-25 years constitutes around 45.96 per cent net subscribers addition during the month. Age-wise payroll data indicates that many first time job seekers are joining organised sector workforce in large numbers.
State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana, and Delhi remain in lead by adding approximately 10.14 lakh net subscribers during the month, which is 66.18 per centA of total net payroll addition across all age groups.
Gender-wise analysis indicates that net female payroll addition is approximately 3.48 lakh during the month. Share of female enrolment is 22.70 per cent of total net subscribers addition during the month of March with an increase of 65,224 net enrolments over the previous month of February. The participation of women in the organised workforce is showing a positive trend from October 2021.
