The provisional payroll data of EPFO released on 20th February 2022 highlights that EPFO has added 14.60 lakh net subscribers during December 2021. Comparison shows an increase of around 2.06 lakh in net payroll additions in December 2021 as compared to 12.54 lakh net subscribers added during the corresponding month previous year. For the month of December 2021, the net subscriber addition has increased by 19.98 % as compared to previous month of November 2021.
Of the total 14.60 lakh net subscribers added, 9.11 lakh new members have been enrolled under EPF & MP Act, 1952 for the first time. Approximately 5.49 lakh net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of opting for final withdrawal. Further, the number of members exiting EPFO has been on a declining trend since July, 2021.
Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered highest number of net enrolments with 3.87 lakh additions during December, 2021. Age-group of 18-21 also registered a healthy addition of around 2.97 lakh net enrolments. Age-groups of 18-25 years have contributed around 46.89% of total net subscriber additions in December, 2021.This indicates that many first-time job seekers are joining the organised sector workforce in large numbers.
State-wise 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 8.97 lakh subscribers during the month, which is around 61.44 % of total net payroll addition across all age groups.
Gender-wise analysis indicates that net female payroll addition during the month is approximately 3 lakh. Share of female enrolment is approximately 20.52% of the total net subscribers addition during the month of December, 2021.
Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 40.24% 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, restaurants, iron and steel 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 December 2017 onwards.
EPFO provides provident fund, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of untimely death of the member. EPFO is country’s principal organization responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the statute of EPF & MP Act, 1952.
*****
Also See:
From meager 50,000 Indians going to study abroad in 1999, the numbers have risen to…
Whatfix, a global leader among digital adoption platforms (DAPs), has entered into a strategic alliance…
The Akshaya Patra Foundation, a non-profit organisation focussed on providing unlimited food for education for…
In a landmark achievement for India, Suvarna Raj, a celebrated para-athlete and a passionate disability…
Parimatch is excited to announce the launch of two new exclusive games tailored specifically for…
In a strategic move to address the growing demand for skilled professionals in India's booming…