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EPFO Adds Nearly 14 Lakh Net Subscribers In November; Net Payroll Additions Grow By 25.65 Per Cent
Employees’ Provident Fund Organisation or EPFO
The Employee Provident Fund Organisation (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 previous month of October 2021 with a growth rate of 25.65 per cent, according to the provisional payroll data of EPFO released on Thursday (20 January).
The 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, the Ministry of Labour said in a release.
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 ministry said.
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, it added.
"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", the ministry said.
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 per cent of total net subscriber additions in November 2021.
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 per cent of total net payroll addition across all age groups, it said.
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 per cent.
Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 41.48 per cent 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 ministry said.
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