EPFO net subscribers up 31.28% to 14.65 lakh in July
Of the total 14.65 lakh net subscribers added in July, around 9.02 lakh new members came under the social security umbrella of EPFO for the first time, says the Ministry of Labour & Employment
- Sep 20, 2021,
- Updated Sep 20, 2021 8:26 PM IST
The Employees' Provident Fund Organisation (EPFO) added around 14.65 lakh net subscribers during July 2021, the provisional payroll data published on Monday showed. The data highlights a growing trend in net payroll additions in the last four months.
For July 2021, the net subscriber addition increased 31.28% as compared to June 2021 when the total additions were at 11.16 lakh. Of the total 14.65 lakh net subscribers added in July, around 9.02 lakh new members came under the social security umbrella of EPFO for the first time, the Ministry of Labour & Employment said in a statement.
Around 5.63 lakh net subscribers made their exit but rejoined EPFO by changing jobs within the establishments covered by it.
During July 2021, the number of members who joined EPFO for the first time rose 6%, members who re-joined rose 9% and those who exited dipped 36.84% compared to the previous month, the ministry said. The age-wise comparison of payroll data showed the age-group of 22-25 years recorded the highest number of net enrolments, with 3.88 lakh additions during July.
The 18-21 age group, with around 3.27 lakh enrolments, contributed 48.82% of total net subscriber additions in July. This indicates many first-time job seekers are joining the organised sector workforce in large numbers.
Among states, Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka led by adding around 9.17 lakh subscribers during the month. It is around 62.62% of the total net payroll addition across all age groups.
The gender-wise analysis revealed that the share of female enrolment was at 20.56% of the total net subscriber additions during July. The net female addition rose to 3.01 lakh in July, compared to 2.18 lakh during the same period last month.
Industry-wise payroll data showed that the 'expert services' category, consisting of manpower agencies, private security agencies and small contractors, among others, constituted 41.62 per cent of total subscriber addition during the month.
The growing trend in net payroll additions was noted in industries like trading-commercial establishments, engineering products, building and construction, textiles, garment making, hospitals and financing establishments.
The EPFO provides provident fund and pension benefits to the members on their retirement. It also provides family pension and insurance benefits to the members in case of untimely death.
Also read: Hiring activity witnesses 1% sequential growth in Aug: Report
Also read: Be passionate; look at the big picture: Amazon CEO Andy Jassy’s tips to land a job
The Employees' Provident Fund Organisation (EPFO) added around 14.65 lakh net subscribers during July 2021, the provisional payroll data published on Monday showed. The data highlights a growing trend in net payroll additions in the last four months.
For July 2021, the net subscriber addition increased 31.28% as compared to June 2021 when the total additions were at 11.16 lakh. Of the total 14.65 lakh net subscribers added in July, around 9.02 lakh new members came under the social security umbrella of EPFO for the first time, the Ministry of Labour & Employment said in a statement.
Around 5.63 lakh net subscribers made their exit but rejoined EPFO by changing jobs within the establishments covered by it.
During July 2021, the number of members who joined EPFO for the first time rose 6%, members who re-joined rose 9% and those who exited dipped 36.84% compared to the previous month, the ministry said. The age-wise comparison of payroll data showed the age-group of 22-25 years recorded the highest number of net enrolments, with 3.88 lakh additions during July.
The 18-21 age group, with around 3.27 lakh enrolments, contributed 48.82% of total net subscriber additions in July. This indicates many first-time job seekers are joining the organised sector workforce in large numbers.
Among states, Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka led by adding around 9.17 lakh subscribers during the month. It is around 62.62% of the total net payroll addition across all age groups.
The gender-wise analysis revealed that the share of female enrolment was at 20.56% of the total net subscriber additions during July. The net female addition rose to 3.01 lakh in July, compared to 2.18 lakh during the same period last month.
Industry-wise payroll data showed that the 'expert services' category, consisting of manpower agencies, private security agencies and small contractors, among others, constituted 41.62 per cent of total subscriber addition during the month.
The growing trend in net payroll additions was noted in industries like trading-commercial establishments, engineering products, building and construction, textiles, garment making, hospitals and financing establishments.
The EPFO provides provident fund and pension benefits to the members on their retirement. It also provides family pension and insurance benefits to the members in case of untimely death.
Also read: Hiring activity witnesses 1% sequential growth in Aug: Report
Also read: Be passionate; look at the big picture: Amazon CEO Andy Jassy’s tips to land a job