New Delhi: Retirement fund body Employees’ Provident Fund Organisation (EPFO ) added 14.93 lakh subscribers in December 2022. The figure is two per cent higher compared to the net addition a year ago, the Labour Ministry said Monday. The provisional payroll data of EPFO released Monday highlighted that the body has added 14.93 lakh members.
Year-on-year comparison of payroll data reflects an increase of 32,635 in net membership addition in December, 2022 as compared to the corresponding month of 2021, the Labour Ministry said.
The Labour Ministry also released payroll data of Employees State Insurance Corporation (ESIC) showing that 18.03 lakh new employees were added in December 2022. Year-on-year comparison of ESIC payroll data reflects an increase of 14.52 lakh employees who paid contribution in ESI Scheme in December 2022 as compared to December 2021.
Out of 14.93 lakh members added by the EPFO during December 2022, around 8.02 lakh new members have come under the social security coverage of EPFO for the first time, the Labour Ministry stated.
Among the newly-joined members, highest enrolment is registered in the age-group of 18-21 years with 2.39 lakh members, followed by the age-group of 22-25 years with 2.08 lakh members, the ministry stated. The age-groups of 18-25 years constitutes 55.64 per cent of total new members during the month. This indicates that a majority of the members joining EPFO are first-time job seekers who are joining the organised sector workforce of the country.
The data also highlights that approximately 3.84 lakh members exited while 10.74 lakh members exited and re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection.
Gender-wise analysis of payroll data indicates that enrolment of new female members has been 2.05 lakh in December 2022. The percentage of new female member among the total new joinees has increased from 25.14 per cent in November 2022 to 25.57 per cent during the current month. Social security cover under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 has been extended to these female members for the first time.
State-wise payroll figures highlight that top five states in terms of net member addition are Maharashtra, Tamil Nadu, Gujarat, Karnataka and Haryana. These states together added 60.08 per cent of net new members during the month.
