EPFO’s provisional payroll data released on Monday shows that of a total of 1.46 million net subscribers added during the month, around 0.90 million new members have come under social security coverage. Employees Provident Fund Scheme for the first time.
During the month, around 0.93 million net subscribers exited but rejoined EPFO by changing jobs within establishments covered by EPFO, while about 0.56 million net subscribers exited but jobs within establishments covered by EPFO Changed and rejoined EPFO.
“This shows that most of the subscribers opted to continue their membership with EPFO by transferring their previous accumulations from their previous job to the current PF account instead of applying for final withdrawal.”
As per the data, Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are the top states in adding new customers and together they added around 0.91 million subscribers during the month, which is about 62.62% of the total net payroll growth across all age groups.
Gender-wise analysis indicates that part of female enrollment This is approximately 20.56% of the total net subscriber growth during the month. The total number of female customers 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 joins during the month,” it added.
Industry-wise payroll data indicates that the ‘Specialist Services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) accounted for 41.62% of the total subscriber growth during the month.
As per the data, highest 0.72 million net enrollments were in the age group of 18-25 years, which is 49.31% of the total net enrollments during the month of July, 2021. This is followed by net new enrollments. 0.28 million in the age group of 29-35 years. “Many first-time job seekers are joining the organized sector workforce in large numbers.”
“Payroll data is provisional as data generation is a continuous exercise as updation of employee records is a continuous process. The past data is therefore updated every month,” EPFO said.
EPFO is releasing payroll data covering the period from May 2018 to September 2017 onwards. EPFO provides provident fund, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of untimely death of the member.
EPFO is the premier organization of the country which is responsible for providing social security benefits to the organized and semi-organized sector employees under the statute of EPF and MP Act, 1952.