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HomeBusinessEPFO News: EPFO ​​added 15.32 lakh members in March, 19 percent more...

EPFO News: EPFO ​​added 15.32 lakh members in March, 19 percent more than in February

EPFO News: The retirement fund management body EPFO ​​added 15.32 lakh members to a net in March 2022, which is 19 per cent higher than the 12.85 lakh members in February this year.

The number of members increased by 2.47 lakhs in March 2022 as compared to February
The Labor Ministry said in a statement on Friday that according to the provisional EPFO ​​payroll data, a net increase of 15.32 lakh members in March 2022. According to the statement, the number of members increased by 2.47 lakh more in March 2022 as compared to February 2022 on monthly basis. Out of the total 15.32 lakh net members added during March, about 9.68 lakh new members have been included for the first time under the provisions of EPF and MP Act, 1952.

 

The number of outgoing members increased – joined again
The number of new members increased by 81,327 in March 2022 as compared to February. On the other hand around 5.64 lakh members exited the scheme but rejoined the establishments covered under EPFO. Instead of opting for final withdrawal from their accounts, these people transferred their funds to the previous PF account.

Highest net enrollment in the age group of 22-25 years
An age-based comparison of payroll data revealed that the highest net enrollment during March 2022 was in the age group of 22-25 years. It was followed by 29-35 age group. Comparing payroll data state wise, Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi continue to lead. The share of women enrollment in the total net membership during March 2022 is 22.70 per cent.

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