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Retirement fund body EPFO added 16.82 lakh subscribers on a net basis in September 2022, according to the latest data from the labour ministry. It added that a year-on-year comparison of payroll data reflects a 9.14 per cent increase in net membership addition in September 2022 compared to the corresponding month during last year in 2021.
“The net enrolment during the month is 21.85 per cent higher than the monthly average recorded during the last fiscal. As per data, around 2,861 new establishments have started complying under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees,” the Ministry of Labour and Employment has said in a statement.
According to the provisional payroll data of Employees’ Provident Fund Organisation (EPFO), of the total 16.82 lakh members added in September, around 9.34 lakh new members have come under the coverage of EPFO for the first time.
Among the new members, the highest number was registered for the age group of 18-21 years with 2.94 lakh members. This was followed by an age group of 21-25 years with 2.54 lakh members. About 58.75 per cent are from the age-group of 18-25 years.
“This shows that first-time job seekers are joining organised sector workforce in large numbers following their education and new jobs in organised sector are largely going to the youth of the country,” the ministry said.
During the month, approximately 7.49 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of opting for final settlement.
The payroll data indicates that number of members exiting from the coverage of EPFO have continuously declined during the past three months.
Month-on-month comparison shows that around 9.65 per cent lesser members have exited EPFO during the month of September, 2022 as compared to the previous month, it stated.
Gender-wise analysis of payroll data indicates that enrolment of net female members has been 3.50 lakh in September, 2022. Year-on-year comparison of enrolment data shows that net membership of females in organized workforce has increased with a growth rate of 6.98 per cent in September, 2022 comparing with the net female membership during previous year in September, 2021.
Among the total new members joining EPFO during the month, enrolment of female workforce is recorded as 26.36 per cent.
State-wise payroll figures highlight that month-on-month growing trend in net member addition was observed in states of Maharashtra, Gujarat, Uttar Pradesh, Rajasthan, Andhra Pradesh, Orissa etc.
The classification of industry-wise payroll data indicates that mainly two categories i.e. ‘Expert services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Trading-Commercial establishments’ constitute 48.52 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, ‘Banks other than Nationalised Banks’, ‘Textiles’, ‘General Insurance’, ‘Hotels’, ‘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. From April 2018, EPFO has been releasing payroll data covering the period September 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but rejoining as members, is taken to arrive at net monthly payroll.
EPFO is India’s principal organization responsible for offering social security coverage to the organised sector workforce under Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. It offers a number of services to its members including 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.
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