Pension fund body EPFO added a net 1.626 million subscribers in November 2022, 16.5% higher than a year earlier, the Labor Department said on Friday.
The ministry’s provisional wage figures for the Employees Provident Fund Organization (EPFO) released on Friday highlighted that the EPFO added 1.626 million net members in November 2022.
The data showed a net increase of 25.67 percent compared to the previous month in October 2022, the Labor Ministry statement said. Of the 1.626 million new members added during the month, some 899,000 new members joined EPFO for the first time, indicating an increase of 171,000 new members joining EPFO from 728,000 in October 2022.
Among new members, the most registered members were 277,000 members in the 18-21 age group, followed by 232,000 members in the 22-25 age group.
The 18-25 age group accounted for 56.60% of the total new members for the month. This suggests that first-time job seekers are largely joining the country’s organized sector labor force.
The data also highlighted that approximately 1.121 million members rejoined EPFO membership.
These members change jobs and rejoin institutions covered by EPFO, and choose to transfer their accumulations rather than apply for final settlement, thereby extending their social security protections. The Labor Department also released Friday, November 2022 data for the Employees National Insurance Scheme (ESI program) interim payroll.The data shows that in November 2022, 1.886 million new employees will be added. A year-over-year comparison of payroll data shows a net membership increase of 524,000 in November 2022 compared to the same period in 2021.
According to the data, by November 2022, approximately 21,953 new establishments will be registered with the Employees National Insurance Company to ensure social security for employees.
Among the 1.886 million new employees that month, the age group with a higher number of registrations was 18-25 years old, with 878,000 employees. A gender analysis of ESIS salary data shows a net female membership of 351,000 by November 2022.
A total of 63 transgender employees were registered under the ESI program in November, the data showed.
A gender analysis of EPFO salary data shows a net female membership of 319,000 by November 2022.
Compared to the previous month, the net increase in female memberships increased by approximately 56,000 from 263,000 in October 2022.
A year-over-year comparison of enrollment data shows a 7.90% increase in female net membership in the organized labor force in November 2022 compared to the previous year’s November 2021 female net membership.
Wage data by state highlights that Gujarat, Haryana, Tamil Nadu, Uttar Pradesh, Maharashtra and Rajasthan reflect month-on-month growth trends in net membership increases.
Combined, these states accounted for 58.23% of total net membership for the month. Among all states, Maharashtra led the way with a 20% increase in total membership, followed by Tamil Nadu, which increased by 10.91% during the month.
A breakdown of industry salary data shows that “specialist services” (including manpower suppliers, general contractors, security services, miscellaneous activities, etc.) accounted for 40% of the total number of new members added during the month. Comparing industry data to the previous month, higher enrollments were noted in industries such as “Automotive Services”, “Building and Construction Trades”, and “Engineers”. Contractors”, “Financing Institutions”, “Hospitals”, etc.
Payroll data is temporary because data generation is a continuous effort and because updating employee records is a continuous process. Therefore, previous data is updated every month. From the monthly salary data, the number of members who joined EPFO for the first time via Aadhaar-verified Universal Account Number (UAN), the number of existing members who dropped out of EPFO coverage, and the number of members who dropped out but rejoined, calculates the monthly net payroll, which Say.
EPFO is the main organization in India responsible for providing social security to the organized sector workforce governed by the Employees Provident Fund and Miscellaneous Provisions Act, 1952
(Aside from the title, this story is unedited by NDTV staff and published via a syndicated feed.)
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