New Delhi [India], August 20 (ANI): Employees Provident Funds Organization (EPFO), a retirement fund released on Friday, highlights a growing trend with 12.83 lakh net payroll additions during the month of June 2021, said the Ministry of Labour and Employment.
With respect to payroll data, the impact of the second wave of COVID-19 pandemic waned during June 2021, leading to tremendous growth in net payroll additions as compared to April and May 2021,
Month-on-month analysis reveals an increase of 5.09 lakh additions in net subscribers during June 2021 as compared to the previous month of May 2021.
A press statement from the Ministry read, "Of the total 12.83 lakh, net subscribers added during the month, around 8.11 lakh new members have come under the social security coverage of Employees' Provident Funds Scheme for the first time. During the month, around 4.73 lakh net subscribers excited but rejoined EPFO by changing jobs within the establishments covered by EPFO".
This shows that the majority of subscribers opted to continue their membership with EPFO, using transferring of funds from the previous job to the current PF account rather than applying for the final withdrawal of their PF accumulations.
Regarding the age-wise comparison of payroll data, the age group of 18-25 years has registered the highest number of net enrolments with around 6.15 lakh additions, which is 47.89 per cent of total net additions during the month of June. This is followed by the age group of 29-35 with around 2.55 lakh net payroll addition, read the statement.
Gender-wise analysis indicates that net female addition during the month stood at 2.56 lakh, which is around 0.79 lakh more than those added during May 2021.
The Ministry further added that a State-wise comparison of payroll shows that states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are still at the forefront of payroll addition with the addition of approximately 7.78 lakh subscribers during the month. This is around 60.61 per cent of the total net payroll addition across all age groups.
Industry-wise payroll data indicates that 'expert services' category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 41.84 per cent of total subscribers added during the month. In addition, the month-on-month growing trend in net subscription has been noticed for industries like trading-commercial establishments, engineering products, building & construction, textiles, garment making, hospitals and financing establishments, Ministry said.
The payroll data is provisional since the data generation is a continuous exercise as updation of employee records is a continuous process. The previous data hence gets updated every month. From May-2018, EPFO has been releasing payroll data covering the period September 2017 onwards.
EPFO provides provident funds, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of the untimely death of the member. EPFO is the country's principal organization responsible for providing social security benefits to the organized/semi-organized sector workforce covered under the statute of EPF & MP Act, 1952. (ANI)