EPFO adds 14.65 lakh net subscribers in July, increase of 31.28 pc over June
EPFO provides provident funds, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of the untimely death of the member
New Delhi: The Employee Provident Fund Organisation (EPFO) on Monday released its provisional payroll data and stated that it added around 14.65 lakh net subscribers during July 2021.
“For the month of July 2021, the net subscriber addition has increased by 31.28 per cent as compared to the previous month of June 2021 when the total additions were 11.16 lakh, Ministry of Labour and Employment said in a statement.
According to the statement, out of the total 14.65 lakh net subscribers, around 9.02 lakh new members have come under the social security umbrella of EPFO for the first time. Around 5.63 lakh net subscribers exited but rejoined the EPFO.
Data also reflects that during July 2021, the number of members who have joined EPFO for the first time has increased by 6 per cent, members who re-joining has increased by around 9 per cent while members who exited have decreased by 36.84 per cent as compared with the previous month.
Age-wise comparison of payroll data shows that the age group of 22-25 years has registered the highest number of net enrolments with 3.88 lakh additions during the month of July 2021.
This is followed by the age group of 18-21 with around 3.27 lakh net enrolments. This indicates many first-time job seekers are joining the organised sector workforce in large numbers and have contributed around 48.82 per cent of total net subscriber additions in July 2021.
The Labour Ministry further stated, “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 9.17 lakh subscribers during the month, which is around 62.62 per cent of total net payroll addition across all age groups.”
Gender-wise analysis indicates that the share of female enrolment is approximately 20.56 per cent of the total net subscriber addition during the month, the statement said.
“The net addition of female subscribers increased to 3.01 lakh during July 2021 as compared to 2.18 lakh in June 2021. This is largely due to lower female member exits and higher new joining during the month,” it added.
Industry-wise payroll data indicates that the ‘expert services’ category constitutes 41.62 per cent of total subscriber addition during the month.
Apart from this, a growing trend in net payroll additions has been noted in industries like trading-commercial establishments, engineering products, building and construction, textiles, garment making, hospitals and financing establishments.
The payroll data is provisional since the data generation is a continuous exercise, as updation of employee records is a continuous process. The previous data hence gets updated every month.
Since May 2018 EPFO has been releasing payroll data covering the period September 2017 onwards.
EPFO provides provident funds, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of the untimely death of the member. EPFO is the country’s principal organization responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the statute of Employee Provident Fund (EPF) and Miscellaneous Provisions (MP) Act, 1952.