Releasing the payroll data, the ministry said that the retirement fund body witnessed a year-on-year increase of 7.86% in net new subscriber addition with 1.78 million net new subscriber addition in June 2023.
Month-on-month, net new enrollments under EPFO were a tad lower in June compared to 1.95 million net new subscribers added in May this year, which was the highest since the computation of EPFO payroll data in 2018.
As per the data, around 1.02 million new members enrolled during June 2024, which is an increase of 1.05% when compared to June 2023 or 4.08% higher compared to May 2024.
Further, 59.14% of the total new members added in June 2024 were in the 18-25 age group. “This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers,” it said.
As per the data, approximately 1.41 million members exited and subsequently re-joined EPFO in the month under consideration, a year-on-year growth of 11.7% compared to June 2023. “These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection,” it added. Gender-wise analysis of payroll data shows out of the new members added during the month, around 0.29 million are new female members, 5.88% higher than June 2023.
Even the net female member addition during the month was 8.9% higher compared to June 2023 at around 0.42 million, indicating a broader shift towards a more inclusive and diverse workforce, the ministry said.
Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana saw the highest net member addition at 1.18 million during June 2024, constituting around 61.1% of net member addition.
As per the ministry, month-on-month comparison of industry-wise data shows significant growth in the members working in establishments engaged in university, college, school, financing establishment, general insurance, societies’ clubs or associations among others.
Of the total net membership, around 40.70% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
The above payroll data is provisional since the data generation is a continuous exercise, as updating employee records is a continuous process.
EPFO has been releasing payroll data from the month of April-2018, covering the period September 2017 onwards.
In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll.
Content Source: economictimes.indiatimes.com