EPFO added 14.81 lakh net subscribers in August
The provisional payroll data of EPFO released on October 20, 2021 highlights that EPFO has added around 14.81 lakh net subscribers during the month of August, 2021. The data shows an increasing trend in net payrolls for the first five months of the current fiscal. For the month of August 2021, the net subscriber additions have increased by 12.61% as compared to the previous month of July 2021.
Out of the total 14.81 lakh net subscribers, about 9.19 lakh new members have come under the social security cover of EPFO for the first time. About 5.62 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the EPF and MP Act, 1952. Subscribers opted to continue their membership with EPFO by transferring their funds from their previous job to the current PF account. Regarding applying for final withdrawal.
Age-wise comparison of payroll data shows that the age group of 22-25 years has registered the highest net enrollment with an addition of 4.03 lakhs during August, 2021. It is followed by 18-21 age group with around 3.25 lakh net. Enrollment indicates that many first time job seekers are joining the organized sector workforce in large numbers and have contributed about 49.18% of the total net customer additions in August, 2021.
State-wise comparison of payroll figures highlights that establishments comprising the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka lead the way by adding around 8.95 lakh customers during the month, which is around 60.45 of the total net payroll additions. % Is. all age groups.
Gender-wise analysis indicates that the share of female enrollment is around 20% of the total net subscriber growth during the month. There is an increase of about 10.18% in the total number of female customers during August, 2021 as compared to the previous month of July, 2021. This is mainly due to fewer female member exits during the month.
Industry-wise payroll data indicates that the ‘Specialist Services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) accounted for 39.91% of the total subscriber growth during the month. In addition, industries such as trade-commercial establishments, engineering products, building and construction, textiles, apparel manufacturing, hospitals and financing establishments have seen an increase in net wage growth.
Payroll data is provisional because data generation is an ongoing exercise, as the updating of employee records is an ongoing process. The previous data is therefore updated every month. Since May 2018 EPFO has been releasing payroll data covering the period from September 2017 onwards.
EPFO is the premier organization of the country which is responsible for providing social security benefits to the organized/semi-organized sector employees covered under the statute of EPF and MP Act, 1952. It provides provident fund, pension benefits to the members on their retirement and family pension. Insurance benefits to the family members in case of untimely death of the member.
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