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, as per the latest payroll data. EPFO’s provisional payroll data shows 13.95 lakh net subscribers were added in November last year, a rise of 2.85 lakh or a growth rate of 25.65 per cent over October 2021.
“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,” said the Labour Ministry in a statement on Thursday.
These figures provide a perspective about formal employment in the country.
8.28 lakh members came under EPFO for the first time
8.28 lakh members came under the social security cover of EPFO for the first time out of the total 13.95 lakh net subscribers. 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 accounts instead of applying for final withdrawal, the statement by the ministry added.
Age-wise net enrollment of EPFO
The highest number of net enrolments were registered in the 22-25 years age group 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. Thus, the total contribution by the 18-25 age group clubbed up to 46 per cent of the total net subscriber in Nov 2021. Members of these age groups are usually fresh hands, entering into the job market following education signifies a crucial stage on the application of academic learning and the possibility of advancement.
Female subscribers grew 24.97%
The net share of female subscribers stood at 2.9 lakh during the period, which is almost 59,005 more than that of subscribers added during the entire month of October 2021. This is an increase of 24.97 per cent compared to the figure of 2.36 lakh in the year-ago period.
Top states with highest subscribers of EPFO
A pan-India comparison of payroll figures showed that the Highest number of formal jobs were created in establishments across Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka with 8.46 lakh subscribers added during the month in these states, which is around 60.60 per cent of the total net payroll addition across all age groups.
Industry-wise subscribers of EPFO
An industry-wise payroll data showed that the ‘expert services’ category consisting of private security agencies, manpower agencies and small contractors, among others constituted 41.48 per cent of the total subscriber additions in November.
“In addition, the growing trend in net payroll additions has been noted in industries like building and construction industry, textiles, schools, restaurants, cement etc,” the labour ministry said. The payroll data is provisional as the updation of employee records is a continuous process. From May 2018 onwards, the EPFO has been releasing payroll data covering the period from November 2017 onwards.