The provisional payroll data of the Employees’ Provident Fund Organisation (EPFO) released on January 20, 2022 highlights that EPFO has added 13.95 lakh net subscribers during the month of November 2021.
The provisional payroll data of the Employees’ Provident Fund Organisation (EPFO) released on January 20, 2022 highlights that EPFO has added 13.95 lakh net subscribers during the month of November 2021. It recorded an increase of around 2.85 lakh net additions over the previous month of October, 2021 with a growth rate of 25.65 per cent.
There has also been an increase of payroll data on the year-on-year basis. It recorded an increase of around 3.84 lakh in net payroll additions in November, 2021 over 10.11 lakh net subscribers added during the previous year in November, 2020, as informed by the release from the Ministry of Labour and Employment.
Among the total 13.95 lakh net subscribers added during the month, 8.28 lakh new members have come under the social security cover of EPFO for the first time.
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Also, approximately 5.67 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of EPF & 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.
The age-wise comparison of payroll data reveals that the age-group of 22-25 years has registered highest number of net enrolments with 3.64 lakh additions during November, 2021.
The individuals between the age-group of 18-21 also registered a healthy addition of around 2.81 lakh net enrolments. Those between 18 and 25 years, have contributed around 46.20 per cent of total net subscriber additions in November, 2021. The 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.
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The industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 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 and others.
The payroll data is provisional since the data generation is a continuous exercise, as an update of the employee record in 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.
