Finance
By: Shree1news, 20 JUN 2021
The net new additions by retirement body Employees’ Provident Fund Organisation (EPFO) grew 13.73 per cent on month to 12.37 lakh net subscribers in April, as per the provisional payroll information which gives an concept about the formal sector employment in the country.
The data released by the Labour Ministry gives a perspective on formal sector employment amid the coronavirus pandemic. Throughout 2020-21, EPFO added 77.08 lakh new members as against 78.58 lakh in the year-ago period.
“Despite the second wave of COVID-19 pandemic, April 2021 registered an increase of 13.73 per cent net subscribers addition as compared to the previous month throughout which around 11.22 lakh net subscribers had been added to the payroll,” the Labour Ministry mentioned in a release.
The number of exits in April declined by 87,821, while rejoining increased by 92,864 subscribers as compared to March 2021.
According to EPFO payroll data released in May this year, net new enrolments in April 2020 had been within the negative zone at (-) 2,84,576. Which means that the number of members exiting the EPFO subscription had been higher than those who joined or rejoined the scheme. This happened mainly because of the impact of nationwide lockdown imposed by the government from March 25, 2020, to contain the spread of COVID-19.
Of the 12.76 lakh web subscribers added throughout April 2021, round 6.89 lakh new members got here into the social safety protection of EPFO for the primary time, whereas round 5.86 lakh subscribers exited after which rejoined EPFO by altering their jobs throughout the institutions coated by EPFO and selecting to retain membership by switch of funds moderately than choosing remaining settlement.
The 22-25 age group registered the highest number of net enrolments with around 3.27 lakh additions during the month, followed by 29-35 age group with around 2.72 lakh net enrolments.
Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka had the highest net payroll addition, with the 5 states contributing 59.41 per cent of the total additions throughout all the age-groups by adding 7.58 lakh net subscribers during April.
“Industry-wise payroll data indicates that ‘expert providers’ category (consisting of manpower agencies, personal security agencies and small contractors etc.) constitutes 45 per cent of total subscribers addition during the month,” the release mentioned.
Moreover, industries involved in making plastic products, beedi, schools, banks and institutions related to iron and steel sectors also registered above average growth when it comes to net addition of subscribers throughout April 2021 as compared to the previous month of March 2021.
Since April, 2018 EPFO has been releasing payroll data masking the period September 2017 onwards. The data published comprises of members who’ve joined during the month and whose contribution has been received.
The EPFO manages social security funds of workers in the organised/semi-organised sector in India.
Source:A-N
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