epfo: EPFO adds 16.26 lakh net subscribers in November, 2022

epfo: EPFO adds 16.26 lakh net subscribers in November, 2022

Formal jobs creation rebounded under the Employees’ Provident Fund Organisation in November last year registering a growth of 25.6% at 1.62 million net new subscribers added to it compared to 1.29 million added in October 2022, shows the provisional data by the labour ministry, released on Friday.

The year-on-year comparison shows net new additions under the retirement fund body was 16.5% more compared to November 2021 when it stood at 1.39 million.

The net new subscriber addition under EPFO had declined by 30.2% in October compared to 1.68 million net new subscribers added in September despite the fact that it was the festival month across India.

Net new subscribers added to EPFO in the current fiscal stood at 1.29 million in April, 1.21 million in May, 1.42 million in June, 1.55 million in July and 1.53 million in August.

Of the total 1.62 million net subscribers added during November, around 0.89 million new members have come under the ambit of EPF & MP Act, 1952 for the first time. This is 0.17 million more than new members added in October (0.728 million), the labour ministry said.

Approximately 1.12 million net subscribers exited but re-joined EPFO by transferring their accumulations from previous PF account to the current PF account, instead of claiming for final withdrawal.

Among the new members, 0.27 million members registered were from the age group of 18-21 followed by 0.23 million members in the 22-25 years age bracket. Out of total new members joined, approximately 56.6% were from the age-group of 18-25 years of age.Gender-wise analysis of payroll data indicates that enrolment of net female members stood at 0.31 million in November, 2022.

The Employees’ State Insurance Corporation, meanwhile, added 1.88 million new employees in November, which is 0.52 million more compared to November 2021 with 21,953 establishments registering under ESIC in November 2022.

According to the statement, the payroll data is provisional since the data generation is a continuous exercise, as updation of employee record is a continuous process.

EPFO is a social security organization responsible for providing a number of benefits of provident fund, pension and insurance to the members covered under the statute of EPF & MP Act, 1952.

Under the Employees’ State Insurance Corporation, subscribers are entitled to medical treatment for themselves and their dependents, unemployment cash benefit in certain contingencies and maternity benefit in case of women employees.

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Author: Shirley