Saturday, October 16, 2021

EPFO adds 14.65 lakh net subscribers in July, indicates rise in permanent employment

Retirement fund body Employees Provident Fund Organization (EPFO) on September 20, 2021, said it has added 14.65 lakh net subscribers during July 2021. The provisional payroll data of EPFO ​​released on Monday showed an increasing trend for the last four months.

“For July 2021, the net subscriber additions have increased by 31.28 per cent over the previous month of June 2021 when the total additions stood at 11.16 lakh,” the labour ministry said in a statement.

Over 9 lakh new members joined the EPFO in July

According to provisional payroll data released by EPFO, around 9.02 lakh new members joined EPFO ​​in July, while roughly 5.63 lakh net subscribers left and then re-joined EPFO.

The data shows that during July this year, the number of members who joined EPFO ​​for the first time has increased by 6 per cent, while the number of re-joined members increased by about 9 per cent.

Top states with highest EPFO enrollment

State-wise comparison of payroll figures highlights that establishments comprising the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in the lead by adding around 9.17 lakh subscribers during the month, which is approximately 62.62 of the total net payroll addition across all age groups.

Over 3 lakh new female members joined the EPFO in July

Gender-wise analysis indicates that the share of female enrollment in the total net subscriber growth during the month is around 20.56 per cent. The total number of female subscribers increased to 3.01 lakh during July 2021 as compared to 2.18 lakh in June 2021. This is largely due to lower female member exits and higher new joining during the month.

Top Industries with highest EPFO enrollment

Industry-wise payroll data indicates that the ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) accounted for 41.62 per cent of the total subscriber growth during the month.

“Growing trend in net payroll additions has been noted in industries like trading-commercial establishments, engineering products, building & construction, textiles, garment making, hospitals and financing establishments,” the ministry said.

Age-wise EPFO enrollment

Age-wise comparison of payroll data shows that the age group of 22-25 years has recorded the highest net enrollments with around 3.88 lakh additions, followed by the 18-21 age group registering around 3.27 lakh net enrollment.

First-time job seekers contributed about 48.82 per cent to the total customer growth in July.

Employment statistics

Employees Provident Fund (EPF) is considered a reliable indicator of the employment scenario in the country. On the basis of their calculation, it is determined that how many people got permanent employment. According to the rules, companies with more than 20 employees must give EPF.

New EPF subscribers indicate that permanent employment is on the rise in the country. EPFO added 14.65 lakh subscribers in July, 11.16 lakh in June, 9.2 lakh in May, 12.76 lakh in April 2021, indicating that the Indian economy is gradually recovering after the second wave of COVID-19.

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