The Employees’ Provident Fund Organization (EPFO)’s preliminary wage data released today highlights that the EPFO added 16.26 million net members in November 2022. The data indicates a 25.67% increase in net additions compared to the previous month in October, 2022. A year-over-year comparison of payroll data reflects a 16.50% increase in net membership additions in November 2022 compared to the same month last year in 2021.
Out of the total 16.26 lakh members added during the month, about 8.99 lakh new members came under EPFO for the first time, showing that the number of new members joining EPFO increased by 1.71 lakh from 7.28 lakh in October 2022. new members, the highest number is registered in the 18-21 age group with 2.77 million members, followed by the 22-25 age group with 2.32 million members.
The 18-25 age group accounts for 56.60% of the total number of new members during the month. This shows that the first time job seekers are largely joining the organized sector workforce in the country.
The data also highlights below points :
• Around 11.21 lakh members have rejoined EPFO membership. These members changed their jobs and rejoined EPFO-covered businesses and chose to transfer their accumulation instead of seeking final settlement, thereby extending their social security protection.
•Analysis of wage data by gender shows that the number of net female members enrolled in November 2022 was 3.19 million women.
• Compared to the previous month, the net addition of female members increased by approximately 0.56 million from 2.63 million in October 2022. ••Enrollment data shows a 7.90% increase in net membership of women in the organized labor force in November 2022 compared to by the net female membership during the previous year in November 2021.
The state-wise wage data highlights
The state-wise wage data highlights that the month-on-month upward trend in net addition of members is reflected in the states of Gujarat, Haryana, Tamil Nadu, Uttar Pradesh, Maharashtra & Rajasthan. Together, these states add 58.23% of total net membership during the month. Of all the states, Maharashtra leads with 20% of the total increase in members, followed by the state of Tamil Nadu with 10.91% during the month.
A breakdown of the payroll data by industry shows that “expert services” (consisting of labor contractors, normal contractors, security services, miscellaneous activities, etc.) accounted for 40% of the total increase in members during the month. Compared to the previous month’s industry figures, higher enrollments were recorded in industries namely ‘Automotive Service’, ‘Building and Construction’, ‘Engineering. suppliers’, ‘funding facilities’, ‘hospitals’ etc.
Payroll data
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. In the monthly salary data, the number of members who joined EPFO for the first time through Aadhaar verified Universal Account Number (UAN), existing members who left EPFO coverage and those who withdrew but rejoined as members are counted to net monthly paycheck.
EPFO is India’s main organization responsible for social security for the organized sector workforce covered by the Employees Provident Fund and Miscellaneous Provisions Act, 1952.
Written by: Vaishali verma
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