The provisional payroll data of the Employees’ Provident Fund Organization (EPFO), released on Wednesday, shows that it added 14.12 lakh members in February 2022. According to the Ministry of Labor and Employment, if we look at the month-on-month payroll data, there is a marginal increase of 31,826 members in February compared to the previous month (January). On the other hand, year-on-year comparison has seen an increase of 1,74,314 members in February 2022 as compared to February 2021. The ministry said that there has been a steady increase in the number of net members since October 2021, which shows confidence in the services provided by the organization.
According to the ministry, out of the total 14.12 lakh new members added during the month, around 8.41 lakh new members have been enrolled for the first time under the social security cover of the EPF and MP Act, 1952. At the same time, around 5.71 lakh members got out of EPF cover but instead of claiming for final withdrawal, they transferred their money from previous PF account to current PF account and re-joined EPFO.
According to the Ministry of Labor and Employment, an age-wise comparison of payroll data shows that in February 2022, the highest number of 3.70 lakh new members in the age-group of 22-25 years joined EPFO. After this, 2.98 new members of the age-group of 29-35 years were added. According to the ministry, the number of new members in the age-group of 18-25 years in February is 45 per cent of the total members added during the month. This indicates that a large number of first-time job seekers are associated with the organized sector.
Taking a look at the payroll data across India, it is found that Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi have the highest addition of 9.52 lakh new members, which is about 67.49 percent of the total new payroll growth across all age groups. .