EPFO adds around 1.54 million net subscribers in September

Formal job creation in the country continued to register month-on-month growth signalling a pick up in economic activity in the country as Covid cases remained low and business activities resumed to pre-Covid levels.

The provisional payroll data of Employees’ Provident Fund Organisation, released on Saturday, shows EPFO added around 1.54 million net subscribers in September 2021 compared to 1.49 million subscribers added in September 2020, a growth of over 3%.

On a month-on-month basis, this is 0.18 million more compared to August 2021 when EPFO registered a net new addition of 1.36 million subscribers.

Out of the total 1.54 million net subscribers added to EPFO in September, around 0.89 million new members have been registered under the provisions of EPF & MP Act, 1952 for the first time, the labour ministry said.

“Around 0.64 million net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of EPF & MP Act, 1952, thereby opting to continue their membership with EPFO by transferring their funds instead of opting for final withdrawal,” it added.

Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered the highest number of net enrolments with 0.41 million additions during September, 2021 followed by the 18-21 years age-group with around 0.31 million net enrolments.

“This indicates that many first-time job seekers are joining the organised sector workforce in large numbers and have contributed around 47.39 % of total net subscriber additions in September, 2021,” it added.

Establishments in Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka have added approximately 0.94 million subscribers during the month, which is around 61 % of total net payroll addition across all age groups.

Gender-wise analysis indicates that the net share of female enrolment during the month is around 0.32 million, which is 0.06 million more than August, 2021 when 0.26 million women subscribers were added into the payroll. “This is largely due to lower female member exits during the month,” it added.

Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 41.22% of total subscriber addition during the month while growing trend in net payroll additions has been noted in industries like trading-commercial establishments, engineering products, building & construction, textiles, garment making, hospitals and financing establishments.

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 the month of May-2018, EPFO has been releasing payroll data covering the period September 2017 onwards.

EPFO is a retirement fund body with over six crore subscribers and a corpus of over Rs 12 lakh crore.

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