Home / News / India /  Increase in retirement age in India? EPFO backs raising it, says report

The Employees' Provident Fund Organisation (EPFO), in its Vision 2047 document, has vouched for increasing the retirement age in the nation, The Economic Times reported.

The provisional payroll data of EPFO released on 20 August, 2022 highlights that EPFO has added 18.36 lakh net members in the month of June, 2022. For the month of June, 2022 the net member addition has increased by 9.21% as compared to the previous month of May, 2022. Year-on-year comparison of payroll data reflects that June, 2022 has registered an increase of 5.53 lakh in terms of net member addition comparing the corresponding month during last year in 2021.

Out of the total 18.36 lakh members added during the month, around 10.54 lakh new members have been covered under EPF & MP Act, 1952 for the first time. New member joining has shown a growing trend since April, 2022. Approximately 7.82 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of applying for final PF withdrawal. The new enrolment during the month is higher than the monthly average recorded during the last fiscal.

Age-wise comparison of payroll data indicates that the age-group of 22-25 years has registered the highest number of net enrolments with 4.72 lakh additions during June, 2022. This shows that many first-time job seekers are joining organized sector workforce in large numbers.

State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi continue to remain in lead by adding approximately 12.61 lakh net members during the month, which is 68.66% of total net payroll addition across all age groups.

From the month of April-2018, EPFO has been releasing payroll data covering the period September, 2017 onwards. EPFO’s payroll is a part of the organized sector workforce for those establishments which are covered under the provisions of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. It is a social security organization, which provides provident fund, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of untimely death of the member.

 

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