The impact of the second wave of the Kovid-19 pandemic has not been that severe. EPFO’s provisional payroll data published on July 20 shows that EPFO has added a total of 9.20 lakh members during May, 2021. Despite the second wave of COVID-19 crisis across the country, EPFO has been able to increase its total membership base by 20.20 lakhs in the first two months of the current financial year.
Payroll data indicate that the impact of the second wave of the COVID-19 pandemic on payroll expansion has not been as severe as it was in the first. For this, various e-initiatives such as online claim submission, auto-claim settlement, online transfer of PF account, strengthening grievance redressal and services on mobile devices by EPFO, as well as ABRY and PMGKY schemes are being implemented by EPFO. As can be credited to the time bound support of the Government of India.
5.37 lakh new members join EPF scheme for the first time
Out of the total 9.20 lakh members added during the month, about 5.73 lakh new members have come under the purview of Employees’ Provident Funds Scheme for the first time. During the month, around 3.47 members left it, but rejoined the EPFO purview with the change in job and opted for the scheme through transfer of funds instead of final withdrawal from their PF deposits. Under has retained its membership.
Most people in the age group of 22-25 years registered
Comparing payroll data age wise, the maximum number of people in the age group of 22-25 years registered with 2.39 lakh new members during May, 2021. This was followed by people in the age group of 29-35 with a total enrollment of around 1.90 lakh. Gender-wise analysis shows that women accounted for around 21.77 per cent of the total new members added during the month.
A state-wise comparison of payroll data shows that registered establishments in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka led the way with around 5.45 lakh new members during the month, accounting for about 59.29 per cent of the total payroll expansion across all age groups. doing. During the current financial year, these 5 states have so far added 11.83 lakh members out of 20.20 lakh members.
EPFO releasing payroll data since May 2018
Industry-wise payroll data shows that the ‘Expert Services’ category (which includes workforce agencies, private security agencies and small contractors etc.) accounted for 46.77 per cent of the total member additions during the month. Payroll data is provisional, as improving employee records is an ongoing process. The past data is updated every month. EPFO has been releasing payroll data since May, 2018, in which the data till September, 2017 is included.
EPFO is committed to provide social security benefits in the form of provident fund, pension and insurance fund to the organized sector employees of the country covered under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
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