The number of new monthly subscribers under the employees' provident fund (EPF) saw a rise of close to 10 per cent to 10.14 million in June, up from 927,703 in May.
EPFO’s provisional payroll data released today showed that EPFO had added 13.95 lakh net EPF subscribers during the month of November 2021, showing an increase of around 2.85 lakh net additions over the previous month of October 2021.
This meant a growth rate of 25.65 per cent over the month-long period. Year-on-year comparison of payroll data showed an increase of around 3.84 lakh in net payroll additions in November 2021 as compared to 10.11 lakh net subscribers added during November 2020.
Significantly, of 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.
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 accounts instead of applying for final withdrawal.
An age-wise comparison of payroll data shows that the age group of 22-25 years registered the highest number of net enrolments, with 3.64 lakh additions during November 2021.
The 18-21 age group also registered a healthy addition of around 2.81 lakh net enrolments. The age groups of 18-25 years have contributed around 46.20 per cent of the total net subscriber additions in November 2021.
Members of these age groups are usually fresh hands, entering into the job market following education, and 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 lead by adding approximately 8.46 lakh subscribers during the month, which is around 60.60 per cent of the total net payroll addition across all age groups.
A gender-wise analysis indicates that the net share of female subscribers during the month is 2.95 lakh, which is almost 59,005 more than that of subscribers added during the previous month of October 2021 when 2.36 lakh net females joined 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.) constitutes 41.48 per cent of total subscriber addition during the month.
In addition, a 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.
During the difficult time of Covid pandemic, EPFO is committed to provide a helping hand to its stakeholders. It reaffirms its vision to be an innovation-driven social security organisation aiming to ensure uninterrupted and seamless service delivery, through state-of-the-art technology.
With extensive use of social media nowadays, EPFO is available on Twitter, WhatsApp and Facebook to help the subscribers and addressing their issues.