EPFO adds 16.82 lakh net subscribers in September: Govt

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Retirement fund body EPFO ​​added 16.82 lakh subscribers on a net basis in September 2022, the labor ministry said in a release on Sunday.

The ministry said the year-on-year comparison of payroll data shows a 9.14 per cent increase in net membership in September, 2022 as compared to the same month last year in 2021.

Around 2,861 new establishments have started complying with the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 to ensure social security cover to their employees.

According to the provisional payroll data of the Employees’ Provident Fund Organization (EPFO), the net enrollment during the month is 21.85 per cent higher than the monthly average recorded during the last fiscal.

The data shows that out of the total 16.82 lakh members added during the month, around 9.34 lakh new members have come under the EPFO ​​ambit for the first time.

Among new members, the highest number was registered for the age group of 18-21 years, with 2.94 lakh members. It was followed by the age group of 21-25 years with 2.54 lakh members.

About 58.75 per cent are from the age group of 18-25 years.

This shows that a large number of first-time job seekers are joining the organized sector workforce after their education and new jobs in the organized sector are largely going to the youth, the labor ministry said in a statement.

During the month, around 7.49 lakh net members exited EPFO ​​but re-joined EPFO ​​by changing their jobs within establishments covered by EPFO ​​and transferring their funds from previous PF account to current account instead of final settlement. Chosen.

The payroll data indicates that there has been a steady decline in the number of members exiting the coverage of EPFO ​​during the last three months.

The month-on-month comparison shows that around 9.65 per cent less members have exited EPFO ​​during September, 2022 as compared to the previous month.

Gender-wise analysis of payroll data indicates that net enrollment of female members in September, 2022 stood at 3.50 lakh. A year-on-year comparison of enrollment data shows that the net membership of women in the organized workforce has increased with a growth rate of 6.98 per cent. Percentage in September, 2022 of net female membership during the previous year in September, 2021.

Of the total new members joining EPFO ​​during the month, enrollment of women workforce has been recorded at 26.36 per cent.

State-wise payroll data shows that the month-on-month trend in net member addition has been observed in the states of Maharashtra, Gujarat, Uttar Pradesh, Rajasthan, Andhra Pradesh, Orissa etc.

Industry-wise classification of payroll data indicates that mainly two categories viz. ‘Specialized Services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Business-Commercial Establishments’ accounted for 48.52 per cent of the total member growth during the month Let’s make

On comparing the industry-wise figures with the previous month, higher enrollment has been observed in banks other than nationalized banks, industries such as textiles, general insurance, hotels, hospitals, etc.

Payroll data is provisional because data generation is a continuous process, as is updating employee records.

The previous data is therefore updated every month. From the month of April-2018, EPFO ​​is releasing payroll data covering the period of September, 2017. In the monthly payroll data, members joining EPFO ​​for the first time through Aadhaar valid Universal Account Number (UAN), existing members exiting the coverage of EPFO ​​and those re-joining as members are calculated as net monthly payroll. is taken to reach.

EPFO is India’s premier organization responsible for providing social security coverage to the organized sector workforce under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. It provides provident fund to its members, pensionary benefits to the members on their retirement and family pension and insurance benefits to their families in case of untimely death of the members.

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