As per government statistics released on Wednesday, the Employees Provident Fund Organisation (EPFO) recruited 14.12 lakh net members in February, owing to a substantial rise in payroll numbers in Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana, and Delhi.
The payroll data month-on-month comparison shows a modest rise of 31,826 net subscriber additions in February 2022 compared to the previous month. A year-on-year comparison reveals an increase of 1,74,314 net additions in February 2022 as compared to the equivalent month in 2021.
Out of the total 14.12 lakh net subscribers recruited during the month, about 8.41 lakh new members were joined for the first time under the social security cover of the EPF & MP Act, 1952.
Approximately 5.71 lakh net subscribers left EPFO but re-joined by transferring their accumulations from the prior PF account to the current PF account rather than claiming ultimate withdrawal.
A comparison of payroll data by age group shows that the age group of 22-25 years had the highest number of net enrolments of 3.70 lakh additions during February 2022, followed by the age group of 29-35 years with an addition of 2.98 lakh net subscribers during the month.
In a nutshell, the 18-25 age group accounts for around 45 percent of overall net enrolments for the month. According to the government, this age group suggests that a substantial number of first-time job searchers are entering the organised sector employment.