EPFO adds 15.29 lakh net subscribers in January 2022 | News about personal finance
EPFO adds 15.29 lakh net subscribers in January 2022 |  News about personal finance

EPFO adds 15.29 lakh net subscribers in January 2022 | News about personal finance

New Delhi: The Employees Provident Fund Organization (EPFO) has added 15.29 lakh net subscribers during January 2022, according to preliminary salary data released on Sunday. According to the press release from the Ministry of Labor and Employment, a month-on-month comparison of wage data also indicates an increase of 2.69 lakh net subscriber growth in January 2022 compared to the net growth in the previous December 2021.

Of the total of 15.29 lakh, net subscribers added during the month, about 8.64 lakh new members have been registered under the social security area of ​​the EPF & MP Act, 1952 for the first time.

Approximately 6.65 lakh net subscribers left but rejoined the EPFO ​​by continuing their membership with the EPFO ​​instead of opting for final withdrawal. The salary data also reflects a declining trend in the number of members left since July 2021.

Age comparison of salary data shows that the age group 18-25 years has registered the highest number of net subscriptions with 6.90 lakh additions during January 2022, which is about 45.11 percent of the total number of net subscribers added during the month.

This is followed by the age group 29-35 years with a healthy addition of around 3.23 lakh net enrollments. This indicates that many first-time job seekers join the organized sector workforce in large numbers and represents a crucial phase for a person’s potential in terms of earning capacity.

State Comparison of Payroll Figures highlights that the companies covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are leading by adding about 9.33 lakh subscribers during the month, which is about 61 percent of the total net wage increase across all age groups.

Gender analysis indicates that the net growth of female wages during the month is about 3.20 lakh during the month, the ministry said. The share of female enrollments is approximately 21 percent of the total number of net subscribers during the month of January 2022 with an increase of 57,722 net enrollments compared to the previous month of December 2021.

According to the ministry’s statement, industry salary data show that the category “expert services” (consisting of staffing agencies, private security agencies and small contractors, etc.) makes up 39.95 percent of the total subscriber supply during the month.

In addition, a growing trend in net wage additions has been noted in industries such as expert services, engineering contractors, trade (commercial enterprises) and the construction industry, etc.

The salary data is preliminary, as data generation is a continuous exercise, as updating employee registers is a continuous process. The previous data is therefore updated every month. From April 2018, EPFO ​​has released salary data for the period September 2017 onwards.

EPFO is committed to extending social security benefits in the form of maintenance, pension and insurance funds to the organized labor force in the country covered by the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. Also read: Facebook account locked? Here’s why Meta locks FB profiles of users

With the widespread use of social media today, EPFO ​​is also available on Twitter, WhatsApp and Facebook to help subscribers and solve their problems. Also read: Shark Tank investor Ashneer Grover reacts to Ashish Chanchlani’s Sasta Shark Tank; Check out what he said

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