EPFO Subscribers: EPFO adds 1.7 million net subscribers in April 2022

Formal job creation under the Employees’ Provident Fund Organisation jumped by 25.6% in April 2022 and stood at a record high of 1.7 million compared to 1.27 million in April 2021.

Month-on-month April 2022 registered a growth of 13.3% as the number of net new jobs created under the retirement fund body stood at 1.53 million in March 2022, the provisional payroll data released by the EPFO on Monday showed.

Out of the total 1.7 million net subscribers added during the month, around 0.92 million new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time, it said.

Approximately 0.78 million net subscribers exited but re-joined EPFO by transferring their accumulations from previous PF account to the current PF account, instead of claiming for final withdrawal.

Age-wise comparison of payroll data indicates that the age-group of 22-25 years has been on the forefront by registering the highest number of net enrolments of 0.43 million during April, 2022 followed by the age-group of 29-35 years with an addition of 0.37 million net subscribers during the month.

Together, the 18-25 years age-group constituted around 47.07% of total net enrolments during the month, indicating that many first-time job seekers have joined the organised sector workforce in large numbers while the experienced workers who have changed jobs for career growth have opted to be with EPFO.

Among states, Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi continue to lead in the formal job creation with the six states together adding approximately 1.16 million net subscribers during the month, which is around 67.49 % of total net payroll addition across all age groups.

Gender-wise analysis indicates that net female payroll addition during the month is approximately 0.36 million during the month, which is 21.38% of the total net subscriber addition during April.

According to the statement, the payroll data is provisional since the data generation is a continuous exercise, as updation of employee record is a continuous process.

EPFO is a social security organization responsible for providing a number of benefits of provident fund, pension and insurance to the members covered under the statute of EPF & MP Act, 1952.

EPFO has been releasing payroll data since April 2018, covering the period September 2017 onwards.

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