First-time job seekers, joining organized sector workforce in large numbers, contributing more than 47% of total net subscriber additions in September
The provisional payroll data of EPFO released today highlights that EPFO has added around 15.41 lakh net subscribers during the month of September 2021. For the month of September 2021, the net subscriber additions have increased by 1.81 lakh as compared to the previous month of August 2021 when it was 13.60 lakh.
Out of the total 15.41 lakh net subscribers, around 8.95 lakh new members have been registered under the provisions of EPF & MP Act, 1952 for the first time. Around 6.46 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of EPF & MP Act, 1952, thereby opting to continue their membership with EPFO by transferring their funds instead of opting for final withdrawal.
Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered highest number of net enrollments with 4.12 lakh additions during September, 2021. This is followed by age-group of 18-21 with around 3.18 lakh net enrollments. This indicates that many first-time job seekers are joining organized sector workforce in large numbers and have contributed around 47.39 % of total net subscriber additions in September, 2021.
State-wise 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 9.41 lakh subscribers during the month, which is around 61 % of total net payroll addition across all age groups.
Gender-wise analysis indicates that the net share of female enrollment during the month is around 3.27 lakh. Month on month comparison shows that the net addition of female subscribers has increased roughly by 0.60 lakh during in the month of September in comparison to the previous month of August, 2021 when 2.67 lakh net subscribers were added into the payroll. This is largely due to lower female member exits during the month.
Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 41.22% of total subscriber addition during the month. Apart from this, 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 payroll data is provisional since the data generation is a continuous exercise, as updation of employee record is a continuous process. The previous data hence gets updated every month. From the month of May-2018, EPFO has been releasing payroll data covering the period September 2017 onwards.
EPFO is a social security organization responsible for providing a number ofsocial security benefits to the members covered under the purview of EPF & MP Act, 1952. EPFO reaffirms its vision to be an innovation driven social security organization aiming to ensure uninterrupted service delivery to its stakeholders.
CAclubindia
