New Delhi: The provisional payroll data of EPFO released on July 20 highlights that the EPFO has added 16.82 lakh net subscribers in the month of May, 2022. The year-on-year comparison of payroll data shows an increase of 7.62 lakh net subscribers in May 2022 as compared to the net subscription in the month of May last year.
Out of the total 16.82 lakh subscribers added during the month, around 9.60 lakh new members have been covered under the ambit of EPF and MP Act, 1952 for the first time. Approximately 7.21 lakh net subscribers exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to continue their membership under the EPF Scheme, by transferring their funds instead of applying for final PF withdrawal.
The age-wise comparison of payroll data indicates that the age-group of 22-25 years has registered the highest number of net enrolments with 4.33 lakh additions during May, 2022. This shows that many first-time job seekers are joining organised sector workforce in large numbers.
The state-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi to remain in lead by adding approximately 11.34 lakh net subscribers during the month, which is 67.42 per cent of total net payroll addition across all age groups.
The gender-wise analysis indicates that net female payroll addition is approximately 3.42 lakh during the month and share of female enrolment is 20.39% of the net subscriber addition during the month of May, 2022.
The classification of industry-wise payroll data indicates that mainly two categories, that is, ‘expert services’ (consisting of manpower agencies, private security agencies and small contractors, etc.) and ‘trading-commercial establishments’ constitute 50.51 per cent of total subscriber addition during the month. Apart from this, a growing trend has been noted in other industries like building and construction industry, garments making, financing establishment, hotel, and iron and steel during the month.
EPFO’s payroll is a part of the organized sector workforce for those establishments which are covered under the provisions of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The same is calculated in terms of the number of establishments which come under the purview of EPFO and the number of subscribers whose contributions are being deposited by filing monthly ECRs (Electronic Challan-cum-Return) by the employers. /BI/
