EPFO adds 14.12 lakh net subscribers in February 2022

EPFO data showed that it has added 14.12 lakh net subscribers in the month of February 2022.

New Delhi:  The provisional payroll data of the Employees Provident Fund Organisation (EPFO), released on Wednesday, shows that it has added 14.12 lakh net subscribers in the month of February 2022.

According to the Ministry of Labour and Employment, the month-on-month comparison of payroll data reflects a slight increase of 31,826 net subscribers in February compared to the previous month. On a year-on-year comparison, February 2022 saw an increase of 1,74,314 as compared to the net subscriber addition in corresponding month of 2021. There is consistent increase in the net subscriber addition since October 2021, showcasing trust in the services rendered by the organisation.

Out of the total 14.12 lakh net subscribers added during the month, around 8.41 lakh new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time. Approximately 5.71 lakh net subscribers exited but re-joined EPFO by transferring their accumulations from previous PF account to the current PF account, instead of claiming a final withdrawal.

According to ministry, 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 (3.70 lakh) during February 2022, followed by the age-group of 29-35 years - an addition of 2.98 lakh net subscribers during the month.

In a nutshell, the age-group of 18-25 years constitutes around 45 per cent of total net enrolments during the month. This age-group indicates that many first-time job seekers are joining the organised sector workforce in large numbers.