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EPF Retirement Fund Body Adds Net Customers 15.29 Lakh, 21% Increase In January


The retirement fund body, the Employees Provident Fund Organization (EPF), added 15.29 lakh net customers during January 2022, up from 12.60 lakh in December 2021, according to the latest payroll data.

The EPF’s provisional salary data shows a month -on -month comparison of salary data showing an increase of 2.69 lakh additional net customers in January 2022 compared to the previous month’s net increase in December 2021.

According to the data, 12.60 lakh net new members were added in December 2021, reflecting a 21 per cent increase in January over the previous month.

“The EPF’s provisional salary data was released today, March 20, 2022, which shows that the EPF has added 15.29 lakh net customers during January 2022. A month -on -month comparison of salary data also shows an increase of 2.69 lakh net customers in January 2022, compared to January 2022. net addition in the previous month in December 2021, “the labor ministry said in a statement on Sunday.

According to the statement, out of a total of 15.29 lakh net customers added in January, about 8.64 lakh new members were registered under the social security area of ​​the EPF & MP Act, 1952.

About 6.65 lakh net customers have left the scheme but rejoined the EPF by continuing their membership with the EPF instead of opting for the final withdrawal.

The statement said that the payroll data also reflects a downward trend in the number of members released since July 2021.

A comparison by age of salary data revealed that the 18-25 year old age group had recorded the highest net enrollment number with an addition of 6.90 lakh in January 2022, around 45.11 per cent of the total net subscribers added in that month.

The age group of 29-35 years recorded a healthy increase of around 3.23 lakh net enrollment. This suggests that first -time job seekers join the organized sector workforce in large numbers and marks an important stage for the potential income capacity of individuals.

A comparison of salary figures in terms of state highlights that establishments covered in Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka led by adding about 9.33 lakh customers in the month, about 61 per cent of the total net salary increase across all age groups.

Analysis in terms of gender showed that the increase in net women’s salary was about 3.20 lakh in the month. The share of female registrations was about 21 percent of the total net customer additions in January 2022, with an increase of 57,722 net registrations over the previous month.

In terms of industry, payroll data showed that the ‘specialist services’ category (labor agencies, private security agencies and small contractors etc.) accounted for 39.95 per cent of the total customer additions.

The growing trend in net wage increase has been observed in industries such as specialist services, engineering contractors, trade (commercial establishments), building & construction industry, etc.

The EPF recorded a net new customer of 1.02 crore from April to January. It added 77.08 lakh in 2020-21 and 78.58 lakh in 2019-20 and 61.12 lakh in 2018-19.

Payroll data is temporary because data generation is ongoing, as employee record updates are ongoing.

Previous data will be updated monthly. From April-2018, the EPF has released salary list data covering the period September 2017 onwards.

The EPF is committed to extending social security benefits in the form of Provident Funds, Pensions and Insurance to the nation’s organized workforce, covered under the auspices of the Employees Provident Fund & Miscellaneous Provisions Act, 1952.

With the widespread use of social media nowadays, the EPF is also available on Twitter, WhatsApp and Facebook to help customers address their issues, the statement added.

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