EPFO adds 11.5% more net members in April than in March 2022, bringing the total to 17.08 lakh

Net subscribers increased by 11.5 percent in the month under review, from 15.32 lakh in March 2022.

According to provisional payroll statistics, EPFO added 17.08 lakh net members in April 2022, over four times the 4.32 lakh reported in the same month previous year.

Net subscribers increased by 11.5 percent in the month under review, from 15.32 lakh in March 2022.

According to the report, roughly 9.23 lakh new members have come under the social security cover of the EPF & MP Act, 1952 for the first time, out of a total of 17.08 lakh subscribers acquired by EPFO in April 2022.

Furthermore, about 7.85 lakh net subscribers left and rejoined EPFO-covered establishments by changing positions inside EPFO-covered establishments and electing to keep their membership under the Scheme by transferring funds rather than coming for the final withdrawal of their PF accumulations.

With 4.30 lakh net additions in April this year, the age group 22-25 years had the greatest number of net enrolments, followed by the age group 29-35 years, which had a robust addition of 3.74 lakh net additions in the month. In April, these two age groups accounted for about 47.07 percent of net subscriber additions.

The age group of 29-35 years old, in particular, can be regarded experienced professionals who have changed jobs for career advancement and chosen EPFO.

Meanwhile, Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi continue to lead the way in terms of net subscriber additions, with nearly 11.60 lakh net subscribers added in April 2022, accounting for 67.91 percent of total net payroll addition across all age categories.

In April, there were around 3.65 lakh net female payroll additions, representing for 21.38 percent of total net subscriber additions. In the female category, there was an increase of 17,187 net enrolments over the previous month of March 2022.

In terms of industry-wise payroll, two groups accounted for 48.25 percent of total subscriber increase in April: ‘expert services’ (which includes labour agencies, private security agencies, and small contractors, among others) and ‘Trading-Commercial enterprises.’

During the month, the expanding trend was observed in various industries such as Electrical, Mechanical, or General Engineering Products, Marketing Services, Computer Use, Building & Construction Industry, Textile, Garment Manufacturing, Financial Institutions, Hospitals, and Schools.