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EPFO Adds 15.41L Net Subscribers; 47% First-Time Job Seekers Added

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EPFO's provisional payroll data released shows that in September 2021, the organization added roughly 15.41 lakh net members. The net subscriber additions for September 2021 grew by 1.81 lakh as compared to the previous month of August 2021, when it was 13.60 lakh.

 

Around 8.95 lakh new members have signed up for the first time, out of a total of 15.41 lakh net subscribers.

EPFO Adds 15.41L Net Subscribers; 47% First-Time Job Seekers Added
Around 6.46 lakh net subscribers left EPFO but returned after changing positions within EPF-covered companies, deciding to keep their EPFO membership by transferring their money rather than opting for a permanent withdrawal.

When payroll data is compared by age group, the age group 22-25 years has the highest number of net enrolments, with 4.12 lakh additions in September 2021. The age range of 18-21 is next, with roughly 3.18 lakh net enrolments. This shows that a substantial number of first-time job searchers are entering the organized sector employment, accounting for around 47.39 percent of total net subscriber additions in September 2021.

A comparison of payroll numbers by state reveals that the establishments covered in Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka are in the top, with nearly 9.41 lakh subscribers added during the month, or a 61 percent increase.

 

According to industry-specific payroll data, the 'expert services' category (which includes manpower agencies, private security agencies, and small contractors, among other things) accounted for 41.22 percent of total subscriber additions for the month. Apart from that, industries such as trading-commercial establishments, engineering goods, building & construction, textiles, garment making, hospitals, and financing establishments have seen an increase in net payroll additions.

The payroll data is provisional because data generation is a continual activity, as is the updating of personnel records. As a result, the preceding data is updated once a month. EPFO has been releasing payroll statistics from September 2017 forward since the month of May 2018.

EPFO is a social security organization that provides a variety of social security benefits to members covered by the EPF and MP Act of 1952. EPFO confirms its mission to be an innovative social security organization dedicated to providing uninterrupted service to its members.

Read more about: epfo
Story first published: Sunday, November 21, 2021, 9:26 [IST]
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