New data related to EPFO ​​came out, 15.29 lakh members joined in January

The retirement fund body EPFO ​​added 15.29 lakh members on a net basis in January 2022, which is 21 percent more than the 12.60 lakh members added in December 2021. This information has been received from the data released by the Ministry of Labor. Labor Ministry said, “The provisional payroll data of EPFO ​​has been released today, i.e. on 20th March 2022, which highlights that EPFO ​​has added 15.29 lakh net members during January 2022. Month-by-month of payroll data The month-to-month comparison indicates an increase of 2.69 lakh net members in January 2022 over December 2021.”

According to the data, a total of 12.60 lakh new members were added in December 2021. According to the statement, out of the total 15.29 lakh net members added in January, about 8.64 lakh new members have been registered under the social security purview of the EPF and MP Act, 1952. At the same time, around 6.65 lakh net members had left the scheme but instead of opting for final withdrawal, rejoined EPFO ​​by continuing their membership with EPFO. The payroll data also shows a declining trend in the number of members exiting the EPFO ​​from July 2021, the statement said.

Age-wise comparison of payroll data showed that the highest number of members were in the age group of 18-25 years, with 6.90 lakh in January 2022. This is about 45.11 percent of the total net members added in the month. Around 3.23 lakh members in the age group of 29-35 years joined. It states that a large number of first time job seekers are joining the organized sector and signifies an important stage for an individual’s potential in terms of earning potential.

Comparing the payroll figures state-wise, Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka saw the highest addition of 9.33 lakh members during the month, accounting for 61 per cent of the total across all age groups.