EPFO data shows first-time job seekers joining organised sector
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The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Friday indicate that 56.60 per cent of new members belong to age-groups 18-25 indicating that first-time job seekers are largely joining organised sector workforce of the country.
The EPFO has added 16.26 lakh net members in the month of November 2022. The data indicates an increase of 25.67 per cent net additions compared to the previous month in October 2022.
Year-on-year comparison of payroll data reflects an increase of 16.50 per cent in net membership addition in November, 2022 as compared to the corresponding month during last year in 2021.
Of the total 16.26 lakh members added during the month, around 8.99 lakh new members have come under the ambit of EPFO for the first time, thus, showing that new members joining EPFO has increased by 1.71 lakh, from 7.28 lakh in October 2022.
Among the new members, highest enrolment is registered in the age-group of 18-21 years with 2.77 lakh members, followed by age-group of 22-25 years with 2.32 lakh members. The age-groups of 18-25 years constitute 56.60 per cent of total of new members during the month.
The data also highlights that approximately 11.21 lakh members re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection.
Gender-wise analysis of payroll data indicates that enrolment of net female members has been 3.19 lakh in November, 2022.
As compared to previous month net female member addition has increased by around 0.56 lakh from 2.63 lakh in October 2022.
Year-on-year comparison of enrolment data shows a growth of 7.90 per cent in net membership of females in organised workforce, in November 2022 comparing with the net female membership during previous year in November 2021.
State-wise payroll figures highlight that month-on-month growing trend in net member addition is reflected in the states of Gujarat, Haryana, Tamil Nadu, Uttar Pradesh, Maharashtra and Rajasthan.
These states together add 58.23 per cent of total net membership during the month.
Of all the states, Maharashtra is leading by adding 20 per cent of overall member addition followed by the state of Tamil Nadu with 10.91 per cent during the month.
The classification of industry-wise payroll data indicates that 'Expert Services' (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.) constitute 40 per cent of total member addition during the month. Comparing industry-wise data with that of previous month, higher enrolments have been noticed in industries namely, 'automobile servicing', 'building and construction industry', 'engineers- engg. contractors', 'financing establishment', 'hospitals', etc.
