EPFO’s provisional payroll data, released on November 20th, 2022, shows that the organisation added 16.82 lakh net members in September 2022. A year-on-year comparison of payroll data shows a 9.14% increase in net membership addition in September 2022 compared to the same month last year in 2021. The net enrolment for the month is 21.85% higher than the monthly average for the previous financial year. According to data, approximately 2861 new establishments have begun complying with the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, in order to provide social security coverage to their employees.
Around 9.34 lakh new members joined EPFO for the first time out of the total 16.82 lakh members added during the month. With 2.94 lakh new members, the age group of 18-21 years had the highest number of new members. This was followed by the 21-25 year age group, which had 2.54 lakh members. Approximately 58.75% are between the ages of 18 and 25. This demonstrates that first-time job seekers are joining the organised sector workforce in large numbers after completing their education, and new jobs in the organised sector are primarily going to the country’s youth.
During the month, approximately 7.49 lakh net members left but rejoined EPFO by changing jobs within EPFO-covered establishments and opting to transfer funds from previous PF accounts to current accounts rather than opting for final settlement. According to payroll data, the number of EPFO members leaving coverage has steadily decreased over the last three months. A month-on-month comparison shows that approximately 9.65% fewer members left EPFO in September 2022 than the previous month.
According to a gender-based analysis of payroll data, the enrolment of net female members in September 2022 was 3.50 lakh. A year-on-year comparison of enrolment data shows that net female membership in the organised workforce increased by 6.98% in September 2022 compared to the previous year’s net female membership in September 2021. Enrolment of female workforce is 26.36% of total new members joining EPFO during the month.
Payroll figures by state show a month-on-month increase in net member additions in Maharashtra, Gujarat, Uttar Pradesh, Rajasthan, Andhra Pradesh, Orissa, and other states. The states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi maintained their lead during the month, adding approximately 11.41 lakh net members, accounting for 67.85% of total net payroll addition across all age groups.
According to the classification of payroll data by industry, two categories, namely ‘Expert services’ (consisting of manpower agencies, private security agencies, and small contractors, among others) and ‘Trading-Commercial establishments,’ account for 48.52% of total member addition during the month. Higher enrolments have been observed in industries such as ‘Banks other than Nationalised Banks,’ ‘Textiles,’ ‘General Insurance,’ ‘Hotels,’ ‘Hospitals,’ and so on when compared to the previous month’s data.
The payroll data is provisional because data generation is a continuous process, just as updating employee records is. As a result, previous data is updated once a month. EPFO has been releasing payroll data for the period September 2017 to April 2018 since April 2018. In monthly payroll data, the count of members joining EPFO for the first time via Aadhaar validated Universal Account Number (UAN), existing members leaving EPFO coverage, and those leaving but rejoining as members is used to calculate net monthly payroll.
Under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952, EPFO is India’s primary organisation responsible for providing social security coverage to the organised sector workforce. It provides a variety of services to its members, including a provident fund, pension benefits upon retirement, and family pension and insurance benefits to members’ families in the event of the member’s untimely death.
, EPFO is India’s primary organisation responsible for providing social security coverage to the organised sector workforce. It provides a variety of services to its members, including a provident fund, pension benefits upon retirement, and family pension and insurance benefits to members’ families in the event of the member’s untimely death.
, EPFO is India’s primary organisation responsible for providing social security coverage to the organised sector workforce. It provides a variety of services to its members, including a provident fund, pension benefits upon retirement, and family pension and insurance benefits to members’ families in the event of the member’s untimely death.
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