EPFO adds 13.95 lakh subscribers in November 2021
Retirement fund body EPFO added 13.95 lakh subscribers on a net basis in November 2021, an increase of nearly 38 per cent compared to the year-ago period, according to the latest payroll data.
The provisional payroll data of EPFO showed that there was an addition of 13.95 lakh net subscribers in November last year. This is a rise of 2.85 lakh or a growth rate of 25.65 per cent compared to October 2021.
“Year-on-year comparison of payroll data also shows an increase of around 3.84 lakh in net payroll additions (of Employees’ Provident Fund Organisation) in November 2021 as compared to 10.11 lakh net subscribers added during the previous year in November, 2020,” the labour ministry said in a statement on Thursday.
These figures provide a perspective about the formal employment in the country.
Out of the total 13.95 lakh net subscribers, 8.28 lakh members came 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, the statement said.
An age-wise comparison of payroll data showed that those in the age group of 22-25 years registered the highest number of net enrolments with 3.64 lakh additions in November 2021. Those in the age group of 18-21 years also registered a healthy addition of around 2.81 lakh net enrolments.
People in the age groups of 18-25 years have contributed around 46.20 per cent 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.
A pan-India comparison of payroll figures showed that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka led the way by adding approximately 8.46 lakh subscribers in November. This figure is around 60.60 per cent of total net payroll addition across all age groups.
A gender-wise analysis of the data indicated that the net share of female subscribers in November was 2.95 lakh, which was almost 59,005 more than that of subscribers added in October 2021. This is an increase of 24.97 per cent compared to the figure of 2.36 lakh in the year-ago period.
An industry-wise payroll data showed that ‘expert services’ category — consisting of manpower agencies, private security agencies and small contractors, among others — constituted 41.48 per cent of the total subscriber additions in November. Further, there is a trend of growing net payroll additions in industries like building and construction industry, textiles, schools, restaurants and cement.
The payroll data is provisional as updation of employee record is a continuous process. From May 2018 onwards, the EPFO has been releasing payroll data covering the period from November 2017 onwards.