EPFO adds 16.82 lakh net subscribers in May

Employees' Provident Fund Organisation (EPFO) has added 16.82 lakh net subscribers in May this year. The  provisional payroll data released by EPFO yesterday has  shown an increase of 7.62 lakh net subscribers in May, 2022 as compared to the net subscription in the month of May last year.

According to the  Ministry of Labour and Employment, out of the total 16.82 lakh subscribers , around 9.60 lakh new members have been covered under the ambit of Employees Provident Fund  Miscellaneous Provisions Act, 1952 for the first time. The Ministry said that nealry  7.21 lakh net subscribers exited but rejoined EPFO by changing their jobs within the establishments covered by it  and opted to continue their membership under the EPF



Scheme.  

The new enrolment during the month is higher than the monthly average recorded during the last fiscal. Age-wise comparison of payroll data indicates that the age-group of 22-25 years has registered the highest number of net enrolments with 4.33 lakh additions during May this year. This shows that many first-time job seekers are joining organised sector workforce in large numbers.

State-wise comparison of payroll figures also  highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi to remain in lead by adding approximately 11.34 lakh net subscribers during the month.