New Delhi: Provisional Payroll Data of Employees Provident Fund Organization (EPFO(released on Wednesday) showed that the retirement fund body added around 14.81 lakh net subscribers in August, reflecting an increasing trend in net payrolls for the first five months of this financial year.
For the month of August, Net subscriber growth grew by 12.61% as compared to 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, the statement issued by labor Ministry said.
About 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 group of 18-21 years 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 the state-wise comparison of payroll figures, establishments included in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu And Karnataka Were in the lead by adding approximately 8.95 lakh customers, or about 60.45% of the total net payroll addition 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% 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% 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.
For the month of August, Net subscriber growth grew by 12.61% as compared to 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, the statement issued by labor Ministry said.
About 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 group of 18-21 years 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 the state-wise comparison of payroll figures, establishments included in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu And Karnataka Were in the lead by adding approximately 8.95 lakh customers, or about 60.45% of the total net payroll addition 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% 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% 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.
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