The Employees’ Provident Fund Organisation (EPFO) put in 16.82 lakh net subscribers in May 2022, which is 0.26 lakh less when correlated with the last month, as per the payroll data published by the Ministry of Labour and Employment on Wednesday.
In April, EPFO added 17.08 lakh net subscribers. Year-on-year as against of payroll data indicates an increase of 7.62 lakh net subscribers in May 2022 as against to the net subscription in the month of May 2021.
Out of the whole 16.82 lakh subscribers added during the month, around 9.60 lakh current members have been covered under the ambit of EPF & MP Act, 1952 for the first time.
Nearly 7.21 lakh net subscribers escaped but rejoined EPFO by shifting their employment within the establishments wrapped by EPFO and opted to proceed their membership under the EPF Scheme, by substituting their funds I ater than applying for final PF withdrawal. The new enrolment during the month is elevated than the monthly average listed during the last fiscal.
Age-wise comparison of payroll data implies that the age group of 22-25 years has enrolled the highest number of net enrolments with 4.33 lakh additions during May 2022. This exhibits that many first-time job petitioners are joining organised sector workforce in huge numbers.
State-wise comparison of payroll figures brings out that the establishments coated in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi to stay in lead by adding roughly 11.34 lakh net subscribers during the month, which is 67.42 per cent of the total net payroll expansion across all age groups.
Gender-wise analysis implies that net female payroll addition is roughly 3.42 lakh during the month and share of female enrolment is 20.39 per cent of the net subscriber addition in the month of May 2022.
The category of industry-wise payroll data suggests that primarily two categories i.e. ‘expert services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Trading-Commercial establishments’ make 50.51 per cent of total subscriber addition during the month. Apart from this, a thriving trend has been reported in other businesses like ‘Building & Construction industry’, ‘Garments Making’, ‘Financing Establishment’, ‘Hotel’ and ‘Iron and Steel’ during the month.
The payroll data is interim since the data generation is a continual exercise, as updation of employee record is a continual process. The previous data hence gets revised every month. From the month of April-2018, EPFO has been releasing payroll data glossing the period September 2017 onwards.