Sunday, 13 Oct, 2024
By: Deepak Maggu
According to EPFO's provisional payroll data, the organization has added 18.36 lakh net members in the month of June. In comparison to May 2022, the net member addition for the month of June 2022 has increased by 9.21%.
According to EPFO's provisional payroll data, the organisation has added 18.36 lakh net members in the month of June. In comparison to May 2022, the net member addition for the month of June 2022 has increased by 9.21%. Year-on-year comparison of payroll data reflects and addition of 5.53 lakh members as compared to the corresponding month in 2021.The new enrolment during the month is higher than the monthly average recorded during the last fiscal. Out of the total 18.36 lakh members added during the month, around 10.54 lakh new members have been covered under EPF & MP Act, 1952 for the first time indicating an increase in jobs in the marker. Approximately 7.82 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of applying for final PF withdrawal. The inclusion of new members has shown a growing trend since April, 2022.
Source: EPFO
The age group of 22 to 25 years has experienced the highest number of net enrolments, with 4.72 lakh additions during June 2022, according to a comparison of payroll data by age. This demonstrates that a significant percentage of first-time job seekers are entering the workforce in the organised sector. The establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi added about 12.61 lakh net members during the month, which is 68.66% of the total net payroll addition across all age groups.
An examination of enrolment by gender reveals an addition of 4.06 lakh net female members, up from 3.43 lakh in the previous month, representing an increase of 18.37%. Overall, the female participation in workforce has increased from 20.37% in May to 22.09% in June. Interestingly, the female worker participation in the organised sector has increased significantly during the past 12 months.
EPFO’s payroll is a part of the organized sector workforce for those establishments which are covered under the provisions of Employees’ Provident Funds& Miscellaneous Provisions (EPF&MP) Act, 1952. It is a social security organization, which provides provident fund, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of untimely death of the member. It also manages social security agreements with other countries. International workers are covered under EPFO plans in countries where bilateral agreements have been signed. As of May 2021, 19 such agreements are in place.
