EPFO adds 14.65 lakh of net subscribers in July, increase of 31.28 pc compared to June
New Delhi: The Employee Provident Fund Organization (EPFO) on Monday released its provisional payroll data and said it added around 14.65 lakh of net subscribers in July 2021.
“For the month of July 2021, the net addition of subscribers increased by 31.28% compared to the previous month of June 2021, when the total of additions was 11.16 lakh, said the Ministry of Labor and of Employment in a press release.
According to the statement, out of a total of 14.65 lakhs of net subscribers, about 9.02 lakhs of new members came for the first time under the social security umbrella of EPFO. About 5.63 lakh net subscribers went out but joined EPFO.
The data also shows that in July 2021, the number of members who joined EPFO for the first time increased by 6 percent, members who reinstated increased by around 9 percent while members who returned. left PFOA declined 36.84 percent as and when compared to the previous month.
The age comparison of payroll data shows that the 22-25 age group recorded the highest number of net enrollments with 3.88 lakh additions during the month of July 2021.
Next come the 18-21 age group with around 3.27 lakh of net enrollment. This indicates that many first-time job seekers are joining the organized sector workforce in large numbers and contributed around 48.82 percent of total net subscriber additions in July 2021.
The Ministry of Labor further said: “Comparison of state-level payroll figures shows that establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in the lead. adding about 9.17 lakh of subscribers during the month, or about 62.62. percent of total net payroll in all age groups.
The gender-based analysis indicates that the female sign-up share represents about 20.56 percent of the net total of additional subscribers in the month, according to the release.
“The net addition of female subscribers rose to 3.01 lakh in July 2021 from 2.18 lakh in June 2021. This is largely due to the drop in female member exits and the increase in new memberships. during the month, “he added.
Sector payroll data indicates that the “expert services” category constitutes 41.62% of total subscriber additions during the month.
Apart from this, a growing trend of adding net wages has been noted in sectors such as commercial establishments, engineering products, building and construction, textiles, clothing, hospitals and establishments. funding.
Payroll data is provisional since data generation is an ongoing exercise, as updating employee records is an ongoing process. The previous data is therefore updated every month.
Since May 2018, EPFO has published payroll data covering the period of September 2017.
EPFO provides contingency funds, retirement benefits to members upon their retirement, and family pension and insurance benefits to their families in the event of the member’s premature death. The EPFO is the main organization in the country responsible for providing social security benefits to the workforce in the organized / semi-organized sector covered by the 1952 Employees’ Provident Fund (EPF) Act and provisions miscellaneous (MP).