EPFO added 15.48 lakh net members during February: Govt
A noticeable aspect of the EPFO data is the dominance of the 18-25 age group which constitutes a significant 56.36 per cent of the total new members.
The Employees Provident Fund Organisation (EPFO) payroll data released today showed that EPFO has added 16.26 lakh net members in the month of November, 2022. The data indicates an increase of 25.67 per cent net addition as compared to previous month in October, 2022.
The year-on-year comparison of the payroll data reflects an increase of 16.50 per cent in net membership addition in November, 2022 as compared to the corresponding month during the previous year in 2021. The data is indicative of freshly employed persons in the organised sector.
Of the total 16.26 lakh members added during November, 2022, around 8.99 lakh new members have come under the ambit of EPFO for the first time, thus showing that new members joining EPFO has increased by 1.71 lakh, from 7.28 lakh in October 2022.
Among the new members, the highest enrolment is registered in the age-group of 18-21 years with 2.77 lakh members, followed by age-group of 22-25 years with 2.32 lakh members.
The age-group of 18-25 years constitutes 56.60 per cent of the total of new members during the month. This shows that first-time job seekers are largely joining the organised sector workforce of the country.
The data also highlights that approximately 11.21 lakh members re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations, instead of applying for final settlement,thereby extending their social security protection.
Gender-wise analysis of payroll data indicates that enrolment of net female members has been 3.19 lakh in November, 2022. As compared to the previous month, net female member addition has increased by around 0.56 lakh from 2.63 lakh in October 2022.
Year-on-year comparison of enrolment data shows a growth of 7.90 per cent in net membership of females in organised workforce, in November 2022 compared with the net female membership during previous year in November, 2021.
The state-wise payroll figures show that month-on-month growing trend in net member addition is reflected in the states of Gujarat, Haryana, Tamil Nadu, Uttar Pradesh, Maharashtra and Rajasthan. These states together add 58.23 per cent of total net membership during the month.
Of all the states, Maharashtra is leading by adding 20 per cent of overall member addition followed by the state of Tamil Nadu with 10.91 per cent during the month.
The classification of industry-wise payroll data indicates that ‘Expert Services’ (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities, etc.) constitute 40 per cent of total member addition during the month.
Comparing industry-wise data with that of previous month, higher enrolments have been noticed in industries namely, ‘automobile servicing’, ‘building and construction industry’, ‘engineers- engg. contractors’, ‘financing establishment’, and ‘hospitals’ etc.
The payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process. The previous data hence gets updated every month.
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