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Labour ministry has said that retirement fund body -- Employee Provident Fund Organization (EPFO) added 18.36 lakh new subscribers in June 2022, registering 43 per cent rise as compared to the year-ago period. EPFO had added 12.83 lakh net new subscribers in June 2021.

It stated in June this year, the net member addition increased by 9.21 per cent as compared to May 2022. Out of the total 18.36 lakh members added during the month, around 10.54 lakh new members have been covered under EPF & MP Act, 1952 for the first time. It showed the new enrolment during the month was higher than the monthly average recorded during the last fiscal year.

It mentioned that the age group of 22-25 years registered the highest number of net enrolments with 4.72 lakh additions during June 2022. This showed that many first-time job seekers are joining the organized sector workforce in large numbers. State-wise comparison of payroll figures highlighted that the establishments covered in Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi continue to remain in lead by adding approximately 12.61 lakh net members during the month, which is 68.66 per cent of the total net payroll addition across all age groups.

Besides, it stated new members joining has shown a growing trend since April 2022. Approximately 7.82 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of applying for final PF withdrawal.