Retirement fund company EPFO added 15.32 lakh subscribers in March 2022, up 19 per cent from 12.85 lakh registered in February this year.
The provisional EPFO wage data released on Friday highlighted that it added 15.32 million net subscribers in March 2022, the Ministry of Labor said in a statement.
According to the statement, the comparison of monthly salary data shows an increase of 2.47 lakh net subscribers in March 2022 as compared to the net addition in February 2022.
Out of the total 15.32 lakh net subscribers added (in March), about 9.68 lakh new members came under the provisions of EPF and MP Act, 1952 for the first time.
The number of new members added 81,327 in March 2022 as compared to the previous month. An estimated 5.64 lakh net subscribers have left but rejoined the EPFO-affiliated entities by transferring their funds from the previous PF account to the current account instead of opting for the final withdrawal.
Age-based comparisons of pay-roll data show that the 22-25 age group topped the list with the highest number of net registrations in March 2022, with 4.11 million additions.
Since then, 3.17 lakh net subscribers aged 29-35 years have been added 18-21 year olds also added about 2.93 lakh net subscribers per month.
The 18-25 age group added about 45.96 percent net subscribers per month
Age-based salary-allowance data also indicates that for the first time, a large number of job seekers are joining the organized sector.
The state-wise comparison of pay statistics highlights that companies in Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi are leading by adding about 10.14 lakh net subscribers per month, accounting for 66.18 per cent of the total net pay addition. Across all age groups.
Gender-based analysis shows that the net female monthly salary increase is about 3.48 lakh. The share of women enrolled in total net subscribers in March 2022 is 22.70 percent, an increase of 65,224 net enrollments as compared to February 2022.
The participation of women in the organized workforce has been showing a positive trend since October 2021.
Industry-based payroll data indicate that the two main categories of ‘specialist services’ (consisting of manpower agencies, private security agencies and small contractors, etc.) and ‘commercial enterprises’ account for 47.76 per cent of total customer additions per month.
In March 2022, there was a growing trend of net pay increase in industries such as textiles, heavy-duty chemicals, hotels and restaurants, compared to net subscription growth in February 2022.
Salary data is temporary because data generation is a continuous practice and the process of updating employee records is done regularly.
Thus, the statement said that previous data is updated every month. From April 2018, EPFO is releasing salary data covering the period after September 2017.
The EPFO is the main body in the country which is responsible for providing social security benefits to the organized / semi-organized sector workers under the EPF and MP Act, 1952.
It provides a myriad of services to members, including future funds, insurance and pensions for members and their families.