The Employees' Provident Fund Organisation (EPFO) has added 17.08 lakh net subscribers in the month of April, 2022 as per the payroll data released on Monday. This is an increase of 4.32 lakh net subscribers compared to the net subscription in the month of April last year.
Interestingly, the payroll data reflects a declining trend of members’ exit during the last four months.
Of the total 17.08 lakh subscribers added during the month, around 9.23 lakh new members have come under the social security cover of EPF & MP Act, 1952 for the first time.
As per a PIB release, approximately 7.85 lakh net subscribers exited and re-joined the establishments covered under EPFO by changing their jobs within the establishments covered by EPFO and opted to retain membership under the scheme, through transfer of funds rather than coming for final withdrawal of their PF accumulations.
Age-wise comparison of payroll data indicates that the age-group of 22-25 years registered the highest number of net enrolments with 4.30 lakh additions during April, 2022. This is followed by the age-group of 29-35 years with a healthy addition of 3.74 lakh net additions during the month.
“In nutshell, these two age-groups constitute around 47.07% net subscribers additions during the month. The age group of 29-35 years can be considered as experienced workers who have changed jobs for career growth and opted to be with EPFO,” the release added.