The data shows an increasing trend in net payrolls for the first five months of the current fiscal.
For the month of August, the net subscriber additions increased by 12.61 per cent over the previous month of July 2021. Out of the total 14.81 lakh net subscribers, around 9.19 lakh members have come under the social security cover of EPFO ​​for the first time. .
Around 5.62 lakh net subscribers exited but rejoined EPFO ​​by changing jobs within the establishments covered under the EPF and MP Act, 1952.
Subscribers opted to continue their membership with EPFO ​​by transferring their funds from their previous job to the current PF account instead of applying for final withdrawal.
Age-wise comparison of payroll data shows that the age group of 22-25 years recorded the highest net enrollment during August with an addition of 4.03 lakh. It was followed by the 18-21 year old group with around 3.25 lakh net enrollments.
This indicates that many first-time job seekers are joining the organized sector workforce in large numbers and contributed about 49.18 per cent of the total net customer additions in August.
As per state wise comparison of payroll figures, establishments included in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka were at the forefront adding around 8.95 lakh customers, or about 60.45 per cent increase in total net payroll across all age groups.
The gender-wise analysis reveals that the share of female enrollment in the total net subscriber growth during the month was around 20 per cent.
There has been an increase of about 10.18 percent in the total number of female customers during August as compared to July 2021. This is largely due to fewer female members turning out during the month.
Industry-wise payroll data indicates that the ‘specialist services’ category (consisting of manpower agencies, private security agencies, small contractors etc.) constituted 39.91 per cent of the total customer growth during the month.
In addition, industries such as trade-commercial establishments, engineering products, building and construction, textiles, apparel manufacturing, hospitals and financing establishments have seen an increase in net wage growth.
Payroll data is provisional because data creation is an ongoing exercise, as the updating of employee records is an ongoing process. The previous data is therefore updated every month.
From May 2018, EPFO ​​has been releasing payroll data covering the period of September 2017.
EPFO is the premier organization in the country which is responsible for providing social security benefits to the employees of the organized/semi-organized sector covered under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
EPFO provides provident fund and 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.