EPFO New Subscribers: According to the figures, out of the total 9.20 lakh members who joined in May, about 5.73 lakh new members have come under the purview of Employees’ Provident Fund scheme for the first time.
Despite the second wave of Kovid-19, jobs have increased across the country and employees have also come under the ambit of EPF. Actually, in the first 2 months of the current financial year, there has been a significant increase in the number of EPF subscribers. According to the report of the Ministry of Labor and Employment, the interim payroll data of EPFO published on July 20, 2021 shows that EPFO has added a total of 9.20 lakh members during May, 2021.
In the first two months of the current financial year 2021-22 i.e. April and May, 20.20 lakh members have increased under EPFO. Payroll data indicate that the impact of the second wave of the COVID-19 pandemic on payroll expansion has not been as severe as it was in the first. For this, time bound support from Government of India in the form of ABRY and PMGKY schemes along with various e-initiatives by EPFO for online claim submission, auto-claim settlement, online transfer of PF account, strengthening grievance redressal and services on mobile device. can be given credit for.
5.73 lakh new members added
Out of the total 9.20 lakh members who joined in May, about 5.73 lakh new members have come under the purview of the Employees’ Provident Fund scheme for the first time. During the month, around 3.47 members left it, but rejoined the EPFO purview with the change in job and opted for the scheme through transfer of funds instead of final withdrawal from their PF deposits. under retained its membership.
Are jobs increasing in the country?
According to the figures, 5.73 lakh new EPF subscribers have increased. So what does it mean… Have so many people got new jobs? However, recently a report was released by the job portal SCIKEY Market Network, according to which, positive growth has been registered in most of the sectors in June.
According to a Psyche report, there was a 21 per cent increase in recruitment in the banking sector in June as compared to May. IT and BPO sectors saw a growth of 18-18 per cent in terms of recruitment, while 16.9 per cent in the pharma sector, 20 per cent in the health sector, 12 per cent in the insurance sector, five per cent in the retail sector, 12.1 per cent in the education sector. And in the FMCG sector it was 16 percent.
22-25 year olds the most
Comparing payroll data age wise, the maximum number of people in the age group of 22-25 years registered during May, 2021 with 2.39 lakh new members. This was followed by people in the age group of 29-35 with a total enrollment of around 1.90 lakh. Gender-wise analysis shows that women accounted for about 21.77 percent of the total new members added during the month.
Most registrations in these states
A state-wise comparison of payroll data shows that registered establishments in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka led the way with around 5.45 lakh new members during the month, accounting for about 59.29 per cent of the total payroll expansion across all age groups. doing. During the current financial year, these 5 states have so far added 11.83 lakh members out of 20.20 lakh members.
More members of Security Services
Industry-wise payroll data shows that the ‘specialist services’ category (which includes workforce agencies, private security agencies and small contractors etc.) accounted for 46.77 per cent of the total member additions during the month. Payroll data is provisional, as improving employee records is an ongoing process. The past data is updated every month. EPFO has been releasing payroll data since May, 2018, in which the data till September, 2017 is included.
