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Pension fund agency adds 16.26k net subscribers in November 2022


Pension fund agency adds 16.26k net subscribers in November 2022

The data shows a 25.67% increase in net additions compared to October 2022. (File)

New Delhi:

The labor department said on Friday, pension fund agency EPFO ​​added 16.26 lakh enrollees on a net basis in November 2022, 16.5% higher than a year ago.

The Employee Provident Fund Organization (EPFO) interim payroll data released by the department on Friday highlights that the EPFO ​​added 16.26k net members in November 2022.

The data showed a net increase of 25.67% month over month in October 2022, a Labor Department statement said. Of the total 16.26 lakh members added during the month, around 8.99 lakh new members joined the scope of the EPFO ​​for the first time, thus indicating that the new members joining the EPFO ​​have already entered the scope of the EPFO. increased by 1.71 thousand, from 7.28 thousand in October 2022.

Among new members, the highest number of registrations is registered in the 18-21 age group with 2.77 thousand members, followed by the 22-25 age group with 2.32 thousand members.

The 18-25 age group accounted for 56.60% of the total number of new members in the month. This shows that first-time job seekers are largely joining the country’s organized workforce.

The data also highlights that about 11.21k members have re-joined EPFO ​​membership.

These members have switched jobs and rejoined EPFO-insured facilities and chose to transfer their accrual instead of applying for a final payment, thus extending social security protection their association. data for November 2022 on Friday.The data shows that 18.86 million new employees were added in November 2022. Comparison of annual payroll data shows that net members increased by 5.24 million in November 2022 compared to the same month. applied in 2021.

According to the data, about 21,953 new establishments were registered in November 2022 under the management of the State Insurance Corporation for Employees to ensure social insurance for their employees.

Out of a total of 18.86 thousand employees added in the month, the higher registered age group is 18-25 years old with 8,78 thousand employees. Gender-wise analysis of ESIS payroll data shows that the number of female members actually registered was 3.51 lakh as of November 2022.

The data shows that a total of 63 transgender employees were also registered under the ESI Program in November.

Gender-wise analysis of EPFO ​​payroll data shows that the number of female members actually signed up was 3.19 lakhs as of November 2022.

Compared to the previous month, the additional net female members have increased by around 0.56 lakh from 2.63 lakh in October 2022.

Year-to-date comparison of enrollment data reveals a 7.90% growth in true female members of the organized workforce in November 2022 compared to true female members in the previous year there in November 2021.

The state payroll figures highlight that the monthly net membership growth trend is reflected in the states of Gujarat, Haryana, Tamil Nadu, Uttar Pradesh, Maharashtra & Rajasthan.

These states combined accounted for 58.23% of total net membership for the month. Of all states, Maharashtra is leading with the addition of 20% of total members, followed by Tamil Nadu with 10.91% for the month.

Classification of payroll data by industry shows that ‘Professional Services’ (including manpower providers, general contractors, security services, miscellaneous operations, etc.) added during the month. Comparing industry intelligence data with last month’s data, higher registrations were noticed in industries such as ‘automobile maintenance’, ‘building and construction industry’, ‘engineer- engg. contractor’, ‘financial institution’, ‘hospital’, etc.

Payroll data is temporary because data generation is an ongoing activity, as updating employee records is an ongoing process. Therefore, previous data is updated monthly. In monthly payroll data, the number of members joining EPFO ​​for the first time through Aadhaar-validated Universal Account Number (UAN), existing members getting out of EPFO ​​coverage and those who exited but re-joined as members, are taken to achieve monthly payroll net worth, it said.

EPFO is the main Indian organization responsible for social security insurance for the organized sector workforce covered under the provisions of the Employee Funds and Miscellaneous Provisions Act of the year. 1952

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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