EPFO added 1.39 million net subscribers in November
27 Jan 2022
1
The provisional payroll data of Employees Provident Fund Organisation (EPFO) released on 20 January 2022 shows the addition of 1.39 million net subscribers during November 2021, which is an increase of around 2.85 lakh subscribers, or about 25.65 per cent increase over the previous month.
Year-on-year comparison of payroll data also shows an increase of around 3.84 lakh in net payroll additions in November 2021 compared to 1.01 million net subscribers added during the November 2020.
Of the total 1.39 million net subscribers added during the month, 8.28 lakh new members have come under the social security cover of EPFO for the first time. Approximately 5.67 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of EPF and MP Act, 1952. The subscribers opted to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of applying for final withdrawal.
Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered the highest number of net enrolments with 3.64 lakh additions during November, 2021. Age-group of 18-21 also registered a healthy addition of around 2.81 lakh net enrolments. Age-groups of 18-25 years have contributed around 46.20 percent of total net subscriber additions in November, 2021. Members of these age-groups are usually fresh hands, entering into the job market following education signifies a crucial stage on application of academic learning and possibility of advancement.
Pan India comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in the lead by adding approximately 8.46 lakh subscribers during the month, which is around 60.60 per cent of total net payroll addition across all age groups.
Gender-wise analysis indicates that net share of female subscribers during the month is 2.95 lakh, which is almost 59,005 more than the number of subscribers added during October 2021 when 2.36 lakh net females participated the organised workforce with an increase of 24.97 per cent.
Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc) constituted 41.48 per cent of total subscriber addition during the month. In addition, growing trend in net payroll additions has been noted in industries like building and construction industry, textiles, schools, restaurants, cement etc.
The payroll data is provisional since the data generation is a continuous exercise, as updation of employee record is a continuous process. The previous data hence gets updated every month. From the month of May-2018, EPFO has been releasing payroll data covering the period November 2017 onwards says the labour ministry release.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
