Employee Provident Fund (EPFO) organization adds 15.41 net Lakh subscribers in September 2021


EPFO data reflects growing trend in net payroll in the first six months of the current fiscal year

The pension fund organization EPFO ​​net added 15.41 lakhs of subscribers in September 2021, reflecting a growing trend of net payroll additions after the second wave of the pandemic. “Provisional EPFO ​​payroll data released today highlights that EPFO ​​added around 15.41 lakh of net subscribers during the month of September 2021,” a statement from the Organization said on Saturday. the employee provident fund (EPFO).

For the month of September, the net subscriber addition increased by 1.81 lakh (or more than 13%) compared to the previous month of August 2021, when it was 13.60 lakh. The data reflects a growing trend in net payrolls for the first six months of the current fiscal year, except in May, when the country was reeling from the second wave of COVID-19. Many states had imposed local closures during the period that hit economic activity.

EPFO had added 8.06,765 net subscribers in April, which fell to 5.62,216 in May of this year. The net workforce rose to 9 71 244 in June and to 12 30 696 in July. Total net enrollment at EPFO ​​in the first half of this fiscal year (April to September 2021) was 64.72 lakh. New net registrations were 77.08 lakh in fiscal year 2020-21 and 78.58 lakh in 2019-20.

EPFO said that out of the total of 15.41 lakh net subscribers added in September, about 8.95 lakh new members were registered under the provisions of the EPF & MP Act of 1952 for the first time.

About 6.46 lakh subscribers left but joined EPFO ​​by changing jobs in establishments covered by the law on the employee provident fund and various provisions (law on EPF and the MP), 1952 .

These members have chosen to maintain their membership in EPFO ​​by transferring their funds instead of opting for permanent withdrawal. The age comparison of payroll data shows that the 22-25 age group recorded the highest number of net registrations at 4.12 lakh in September 2021.

This was followed by 18-21 year olds with around 3.18 net lakh registrations. This indicates that many first-time job seekers are joining the organized sector workforce in large numbers. They contributed about 47.39% of total net subscriber additions in September.

The state-level comparison shows that establishments covered in Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka led the way, adding around 9.41 lakh of subscribers during the month, or around 61%. of the total net payroll in all age groups.

Gender-based analysis shows that the net share of female registrations during the month was around 3.27 lakh. The net addition of female subscribers increased by around 0.60 lakh in September compared to the previous month of August 2021, when 2.67 lakh of net subscribers were added to the payroll. This is largely explained by the drop in female member exits during the month.

Payroll data by sector indicates that the “expert services” category (made up of labor agencies, private security agencies and small contractors, etc.) made up 41.22% of the total. subscriber additions during the month.

Apart from this, a growing trend of net payroll additions has been observed in sectors such as commerce, commercial establishments, engineering products, building and construction, textiles, clothing, hospitals and financing institutions.

Payroll data is provisional as updating employee records is an ongoing process. The previous data is therefore updated every month. Since May 2018, EPFO ​​has published payroll data covering the period of September 2017. EPFO ​​is a social security body responsible for providing a number of social security benefits to members covered by the EPF & Law. MP, 1952.


Source link

Previous Western Ghats chain in Kanyakumari looted to fuel Kerala port project
Next As Thanksgiving approaches, Minnesota nonprofits struggle to cope with nationwide turkey shortage