EPFO adds 1.28 million net subscribers in June 2021
23 August 2021
The Employees’ Provident Funds Organisation (EPFO) added 1.28 million subscribers in June 2021, showing an increase of 5.09 lakh in payroll data compared to May 2021-08-21, provisional figures released by the EPFO showed.
Data with the EPFO show tremendous growth in net payroll additions in June 2021 compared with April and May, with the waning of the impact of the second wave of SARS-CoV-2 pandemic.
Of the total 1.283 million net subscribers added during June 2021, around 8.11 lakh have come under the social security coverage of Employees’ Provident Funds Scheme for the first time. During the month, around 4.73 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered by EPFO. This shows that majority of subscribers opted to continue their membership with EPFO, through transfer of funds from previous job to the current PF account rather than applying for final withdrawal of their PF accumulations.
Regarding age-wise comparison of payroll data, the age-group of 18-25 years has recorded the highest number of net enrolments with around 6.15 lakh additions, which is 47.89 per cent of total net additions during June 2021. This is followed by age group of 29-35 with around 2.55 lakh net payroll additions.
Age-wise payroll data indicates that many first time job seekers are joining organised sector workforce in large numbers.
Gender-wise analysis indicates that net female addition during the month stood at 2.56 lakh, which is around 0.79 lakh more than those added during May 2021.
State-wise comparison of payroll shows that Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are still at the forefront of payroll additions with addition of approximately 7.78 lakh subscribers during the month. This is around 60.61 per cent of total net payroll additions across all age groups.
Industry-wise payroll data indicate that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc) constituted 41.84 per cent of total subscriber additions during the month. In addition, month-on-month growing trend in net subscription has been noticed for industries like trading-commercial establishments, engineering products, building and construction, textiles, garment making, hospitals and financing establishments.
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 May 2018, EPFO has been releasing payroll data covering the period September 2017 onwards.
EPFO provides provident fund and pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of untimely death of the member. EPFO is the country’s principal organisation responsible for providing social security benefits to the organised/semi-organised sector workforce covered under the statute of EPF & MP Act, 1952.