EPFO Payroll Data: EPFO adds 12.94 lakh net members in the month of Oct 2022:

EPFO Payroll Data: EPFO adds 12.94 lakh net members in the month of Oct 2022 EPFO's provisional payroll data, released on December 20, 2022, shows that the organization acquired 12.94 lakh net members in October 2022. A year-on-year comparison of payroll data shows a net membership growth of 21,026 in October 2022 compared to the same month previous year in 2021. According to the data, around 2,282 new establishments have started complying for the first time under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 ensuring social security cover to their employees. Around 7.28 lakh new members have been covered under EPFO's social security protection for the first time, out of the total 12.94 lakh members recruited throughout the month. With 2.19 lakh new members, the age group of 18-21 years had the biggest number of new members. This was followed by the 22-25 age group, which had 1.97 lakh members. In terms of overall new members, about 57.25% are between the ages of 18 and 25. During the month, approximately 5.66 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of opting for final settlement. According to a gender analysis of payroll data, the enrolment of net female members in October 2022 was 2.63 lakh. 1.91 lakh ladies have joined EPFO for the first time, accounting for around 72.73% of net female member additions during the month. Payroll numbers by state show a month-on-month increase in net member addition in Kerala, Madhya Pradesh, Jharkhand, and other states. In terms of net payroll additions for the month, the top five states accounted for around 60.15% of total net payroll additions across all age categories. During the month, the states of Maharashtra, Karnataka, Tamil Nadu, Delhi, and Haryana added around 7.78 lakh net members. Based on the classification of payroll data by industry, two groups, namely 'Expert services' (consisting of manpower agencies, private security agencies, and small contractors, among others) and 'Trading-Commercial enterprises,' account for 48% of total member increase during the month. When comparing industry data to the previous month, larger enrollments have been observed in industries such as 'Newspaper Establishments,' 'Sugar,' 'Rice Milling,' and so on. The payroll data is tentative because data generation is a continual process, much as updating personnel records is. As a result, past data is updated once a month. EPFO has been releasing payroll statistics for the period October 2017 to April 2018 from April 2018. In monthly payroll statistics, the count of members joining EPFO for the first time via Aadhaar validated Universal Account Number (UAN), current members leaving EPFO coverage, and those leaving but rejoining as members is used to calculate net monthly payroll. EPFO is committed to extend social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country covered under the purview of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.