EPFO’s preliminary payroll data released on 20 August 2022 highlights that EPFO added 18.36 million net members in June 2022. For the month of June 2022, the net addition of members increased by 9.21% compared to the previous May 2022. A year-over-year comparison of payroll data reflects that June 2022 saw an increase of 5.53,000,000 in terms of net addition of members compared to the corresponding month during last year 2021.
Out of the total number of 18.36 lakh members added during the month, 10,54 lakh new members are covered under EPF & MP Act 1952 for the first time. Joining of new members has shown an increasing trend since April 2022. Around 7.82 lakh net members have left but rejoined EPFO by changing their employment under EPFO covered facility and opting to transfer their funds from previous PF account to current account instead of applying for membership. final PF selection. New enrollment during the month is higher than the monthly average recorded during the last fiscal period.
An age-wise comparison of wage data shows that the 22-25 age group saw the highest number of net enrollments with 4.72 lakh additions during June 2022. This shows that many job seekers are joining the organized sector workforce for the first time in high numbers . A nationwide comparison of payroll figures shows that businesses covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi continue to maintain their leadership position by adding around 12.61 million net members during the month, which is 68.66% of the total net increase in wages in all age groups.
The gender analysis shows that the number of net female members enrolled increased to 4.06 million in the current month from 3.43 million during the previous month, registering an increase of 18.37%. It is also observed that the participation of women in the organized sector has been the highest in the last 12 months. Accordingly, the percentage of net increase in female members increased from 20.37% in May 2022 to 22.09% in June 2022.
Classification of wage data by industry shows that mainly two categories i.e. “expert services” (consisting of manpower, private security agencies and small contractors etc.) and “business-commercial facilities” account for 47.63% of the total increase in members during months. . When comparing the sector data with the previous month data, there was a higher number of students in the sectors namely “Schools”, “Clothing Manufacturing”, “Professional Services” and “Textiles” etc.
Payroll data is provisional as data generation is a continuous exercise as updating employee records is a continuous process. The previous data is thus updated every month. From April to 2018, EPFO publishes salary data for September 2017 onwards. EPFO and family pension and insurance benefits to their families in the event of a member’s premature death.
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