Retirement fund body Employees’ Provident Fund Organization (EPFO) saw a net increase of 15.32 lakh subscribers in March, up 20 per cent from 12.85 lakh enrollments in the previous month of February this year.
State-wise subscriber growth
A state-wise comparison of payroll data shows that establishments comprising the states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi remained the leaders adding around 10.14 lakh net subscribers during the month, which is 66.18 per cent of the total net payroll addition across all age groups.
The Labour Ministry said in a statement that out of the total 15.32 lakh net subscribers added during the month, around 9.68 lakh new members have been covered for the first time under the provisions of the EPF and MP Act, 1952.
There is an increase of 81,327 new members in March 2022 as compared to the previous month. Around 5.64 lakh net subscribers who exited but re-joined establishments covered under EPFO by transferring their funds from the previous account to the current PF account, instead of opting for final withdrawal, it said.
Age group wise subscriber growth
Age-wise comparison of payroll data indicates that the age group of 22-25 years has been at the forefront by registering the highest number of net enrollments with an addition of 4.11 lakh during March 2022, the Ministry said, “this is followed by the age-group of 29-35 with the 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. Around 45.96 per cent net subscribers were added during the month in the age group of 18-25 years,” the statement said. Age-wise payroll data indicates that many first-time job seekers are joining the organized sector workforce in large numbers.
Gender-wise subscriber growth
Gender-wise analysis indicates that the net female payroll addition is approximately 3.48 lakh during the month. Female enrollment accounts for 22.70 per cent of the total net subscribers added during March 2022, an increase of 65,224 net enrollments over the previous month of February 2022. The participation of women in the organized workforce is showing a positive trend from October 2021 onwards, the Ministry said.
Industry-wise subscriber growth
Industry-wise payroll data indicates that primarily the two categories of ‘expert services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Trading-Commercial establishments’ accounted for 47.76 per cent of the total subscriber growth during the month.
Industries such as textiles, heavy-fine chemicals, hotels and restaurants, etc. have shown an increasing trend in net payrolls in March 2022 as compared to net customer growth in February 2022.
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