Releasing the payroll dataThe ministry indicated that the retirement fund organization witnessed a 7.86% year-over-year increase in net new subscriber additions with 1.78 million net new subscribers in June 2023.
Compared to the previous month, net new registrations in EPFO were slightly lower in June at 1.95 million net. new subscribers added in May this year, which was the highest since the calculation of EPFO payroll data in 2018.
According to the data, around 1.02 million new members signed up during June 2024, representing an increase of 1.05% compared to June 2023 or 4.08% more compared to May 2024.
Furthermore, 59.14% of the total new members added in June 2024 were in the 18-25 age group. “This is in line with the previous trend indicating that the majority of people joining the organized workforce are young people, mainly first-time job seekers,” he said.
According to the data, around 1.41 million members left and rejoined EPFO in the month in question, marking a year-on-year growth of 11.7 per cent compared to June 2023. “These members changed jobs and rejoined establishments covered under the purview of EPFO and chose to transfer their accruals instead of applying for final settlement, thereby safeguarding long-term financial well-being and extending their social security protection,” it added. Gender-wise analysis of payroll data shows that out of the new members added during the month, around 0.29 million are new female members, up 5.88 per cent from June 2023.
Even the net addition of female members during the month was 8.9% higher compared to June 2023 at around 0.42 million, indicating a broader shift towards a more inclusive and diverse workforce, the ministry said.
Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana recorded the highest net membership addition at 1.18 million during June 2024, accounting for around 61.1 per cent of the net membership addition.
According to the Ministry, the month-on-month comparison of data by industry shows significant growth in the number of members working in establishments related to universities, colleges, schools, financial institutions, general insurance, societies, clubs or associations, among others.
Of the total net affiliates, around 40.70% correspond to specialized services (including labor providers, general contractors, security services, various activities, etc.).
The above payroll data is provisional as data generation is an ongoing exercise, just as updating employee records is an ongoing process.
EPFO has been publishing payroll data for the month of April 2018, covering the period from September 2017 onwards.
In the monthly payroll data, the count of members joining EPFO for the first time through Aadhaar-validated Universal Account Number (UAN), existing members exiting EPFO coverage and those who exited but rejoined as members is taken to arrive at the net monthly payroll.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.