EPFO payroll: Provident fund organisation adds close to 17 lakh subscribers in May
"Approximately 7.21 lakh net subscribers quit but rejoined EPFO by shifting occupations within EPFO-covered businesses and elected to maintain their membership under the EPF Scheme by transferring their money rather than seeking for ultimate PF withdrawal," the ministry said in a statement.
FollowThe Employees' Provident Fund Organisation (EPFO) acquired 16.82 lakh net members in May, which is 7.62 lakh higher than the net increase reported in the same month a year before, according to data issued by the Labour Ministry. According to EPFO's provisional payroll statistics, around 9.60 lakh new members have been covered under the EPF & MP Act, 1952 for the first time, out of the total 16.82 lakh subscribers enrolled during the month.
"Approximately 7.21 lakh net subscribers quit but rejoined EPFO by shifting occupations within EPFO-covered businesses and elected to maintain their membership under the EPF Scheme by transferring their money rather than seeking for ultimate PF withdrawal," the ministry said in a statement. It also said that new enrollment during the month was greater than the monthly average observed during the previous fiscal year.
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A comparison of payroll data by age shows that the age range of 22-25 years has the largest number of net enrolments, with 4.33 lakh additions in May 2022. This demonstrates that a high proportion of first-time job searchers are joining the organised sector workforce.
A comparison of payroll figures by state shows that establishments in Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi continue to lead by adding approximately 11.34 lakh net subscribers during the month, accounting for 67.42 per cent of total net payroll addition across all age groups.
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According to the announcement, the net female payroll increase for the month is roughly 3.42 lakh, and the female enrollment share is 20.39 per cent of the net subscriber addition for the month of May 2022. According to the classification of payroll data by industry, 'expert services' (consisting of manpower agencies, private security agencies, and small contractors, among others) and 'Trading-Commercial enterprises' account for 50.51 per cent of total subscriber increase during the month.
