According to the official figures provided on Saturday, the Employees' Provident Fund Organization (EPFO) gained 18.36 lakh net members in the month of June, an increase of 9.21% from the previous month.
In terms of net member addition, June 2022 saw an increase of 5.53 lakh over the same month in 2021, according to payroll statistics compared year over year.
Around 10.54 lakh of the 18.36 lakh new members who were enrolled this month were the first to be covered by the EPF & MP Act, 1952. Since April 2022, there has been a rising trend in new members joining.
By switching employment inside EPFO-covered enterprises, almost 7.82 lakh net members left the organisation but then returned. Rather than requesting a final PF withdrawal, they chose to transfer their funds from the prior PF account to the current account.
According to figures supplied by the Ministry of Labour & Employment, the new enrollment for the month was greater than the monthly average registered during the previous fiscal.
The age group of 22 to 25 years has experienced the largest number of net enrolments, with 4.72 lakh additions during June 2022, according to a comparison of payroll data by age. This demonstrates that a significant percentage of first-time job searchers are entering the workforce in the organised sector.
The establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat, and Delhi continue to be in the lead by adding about 12.61 lakh net members during the month, which is 68.66% of the total net payroll addition across all age groups, according to a comparison of payroll figures by state.
An examination of enrolment by gender reveals that there are now 4.06 lakh net female members, up from 3.43 lakh in the previous month, representing an increase of 18.37%.
Additionally, it has been noted that female worker participation in the organised sector has increased significantly during the past 12 months. As a result, from 20.37% in May 2022 to 22.09% in June 2022, the percentage share of net female member addition has grown.
According to the categorization of payroll data by industry, the majority of new members during the month came from two categories: "expert services" (comprising of manpower agencies, private security agencies, and small contractors, etc.) and "Trading-Commercial Establishments.
" When comparing industry-specific statistics with that from the previous month, larger enrollments have been seen in the "Schools," "Garments Making," "Expert Services," and "Textile" businesses, among others.
The payroll data is preliminary since updating personnel information is a constant operation, and data creation is a continuous effort. As a result, the historical data is updated each month. Payroll information for the period beginning in September 2017 has been made available by EPFO starting in the month of April 2018.
For those enterprises that are subject to the terms of the Employees' Provident Funds & Miscellaneous Provisions Act, 1952, EPFO's payroll is a component of the organised sector workforce. It is a social security organisation that offers provident funds, pension benefits, and family pension & insurance benefits to members' relatives in the event of an untimely death.