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Team Studycafe | Jan 21, 2022 | Views 410741

EPFO Payroll data: EPFO added 13.95 lakh net subscribers in November 2021

EPFO Payroll data: EPFO added 13.95 lakh net subscribers in November 2021

EPFO’s provisional payroll data released on January 20, 2022 shows that in November 2021, EPFO added 13.95 lakh net subscribers, an increase of around 2.85 lakh net additions over the previous 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 net payroll additions in November, 2021, as compared to 10.11 lakh net subscribers added during the previous month of October, 2021, with a growth rate

8.28 lakh new members have joined EPFO’s social security scheme for the first time out of the total 13.95 lakh net subscribers added during the month. Around 5.67 lakh net subscribers left EPFO but returned by changing jobs within the businesses covered by the EPF & MP Act, 1952. Instead of asking for final withdrawal, the subscribers chose to keep their EPFO membership by transferring their PF accumulations from previous to current PF accounts.

When payroll data is compared by age group, the age group 22-25 years has the highest number of net enrolments, with 3.64 lakh additions in November 2021. The 18-21 age group saw a robust increase of roughly 2.81 lakh net enrolments. In November 2021, the 18-25 age group accounted for roughly 46.20 percent of total net subscriber increases. Members of these age groups are typically inexperienced workers, and their entry into the labour market after graduation marks a critical step in the application of academic knowledge and the possibility of promotion.

The establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka are in the lead, adding approximately 8.46 lakh subscribers during the month, accounting for around 60.60 percent of total net payroll addition across all age groups, according to a pan-India comparison of payroll figures.

According to gender-specific analysis, the net share of female subscribers during the month was 2.95 lakh, nearly 59,005 more than the net female subscribers added during the previous month of October 2021, when 2.36 lakh net females joined the organised workforce, representing a 24.97 percent increase.

According to industry-specific payroll data, the ‘expert services’ category (which includes manpower agencies, private security agencies, and small contractors, among other things) accounted for 41.48 percent of total subscriber additions for the month. In addition, industries such as construction, textiles, schools, restaurants, cement, and others have seen an increase in net payroll additions.

The payroll data is provisional because data generation is a continual activity, as is the updating of personnel records. As a result, the preceding data is updated once a month. EPFO has been releasing payroll statistics from November 2017 forward since the month of May 2018.

EPFO is committed to assisting its stakeholders through the challenging time of the Covid epidemic. It emphasises its mission of being an innovative social security organisation that uses cutting-edge technology to provide uninterrupted and smooth service delivery. EPFO is available on Twitter, WhatsApp, and Facebook to assist subscribers and address their difficulties, thanks to the widespread usage of social media nowadays.

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