Speed Post News Network
New Delhi : The provisional payroll data of EPFO released on January 20, 2022, highlights that EPFO has added 13.95 lakh net subscribers during the month of November 2021, showing an increase of around 2.85 lakh net additions over the month of October, 2021 with a growth rate of 25.65%.
Year-on-year comparison of payroll data also shows an increase of around 3.84 lakh in net payroll additions in November, 2021 as compared to 10.11 lakh net subscribers added during the previous year in November, 2020. Of the total 13.95 lakh net subscribers added during the month, 8.28 lakh new members have come under the social security cover of EPFO for the first time.
Approximately 5.67 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of EPF & MP Act, 1952. The subscribers opted to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of applying for final withdrawal, according to a PIB release.
Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered highest number of net enrolments with 3.64 lakh additions during November, 2021. Age-group of 18-21 also registered a healthy addition of around 2.81 lakh net enrolments. Age-groups of 18-25 years have contributed around 46.20% of total net subscriber additions in November, 2021. Members of these age-groups are usually fresh hands, entering into the job market following education signifies a crucial stage on application of academic learning and possibility of advancement.
Pan India comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka, are in lead by adding approximately 8.46 lakh subscribers during the month, which is around 60.60% of total net payroll addition across all age groups.
Gender-wise analysis indicates that net share of female subscribers during the month is 2.95 lakh, which is almost 59,005 more than that of subscribers added during the previous month of October, 2021, when 2.36 lakh net females participated the organised workforce with an increase of 24.97%.
Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies, and small contractors etc.) constitutes 41.48% of total subscriber addition during the month. In addition, growing trend in net payroll additions has been noted in industries like building and construction industry, textiles, schools, restaurants, cement etc.
The payroll data is provisional since the data generation is a continuous exercise as updation of employee record is a continuous process. The previous data hence gets updated every month. From the month of May-2018, EPFO has been releasing payroll data covering the period November 2017 onwards.