According to official figures, the Employees’ Provident Fund Organization (EPFO) attracted 18.36 lakh new subscribers in June 2022, a 43% increase over the same time last year. According to the report, the Employees’ Provident Fund Organization (EPFO) added 12.83 lakh net new subscribers in June 2021.
Here are the details of Employees’ Provident Fund (EPFO) Added New Subscribers:
According to the EPFO’s provisional payroll data, which was announced on Saturday, the organisation added 18.36 lakh net members in June 2022, according to a statement from the labour ministry. When compared to May 2022, the net member addition in June of this year grew by 9.21%.
EPFO added new subscribers around 10.54 lakh of the 18.36 lakh new members who were enrolled this month were the first to be covered by the EPF & MP Act, 1952. Since April 2022, there has been a rising trend in new members joining.
A total of 7.82 lakh net members switched positions inside EPFO-administered workplaces, rejoined EPFO, and chose to transfer funds from their prior PF account to their current account rather than request a final PF withdrawal. Since April 2022, there has been a rising trend in new members joining.
According to the report, the new enrollment during the month was greater than the monthly average seen during the previous fiscal year. The EPF new subscribers enrollment data shows that the age groups of 22-25 years and 26-30 years registered the highest number (4.72 lakh) of new enrollments during June 2022.
This indicates that many first-time employees are joining the Employees’ Provident Fund organized sector in large numbers. In comparison to May, higher new enrollments were seen in sectors such as IT, schools, garments making, expert services & textile etc.
EPFO is a social security organization that offers provident fund, pension blessings to the individuals on their retirement and own circle of relatives pension & coverage blessings to their households in case of premature loss of life of the member.