EPFO Payroll Data: In the month of November, there has been an increase in 37.9 percent jobs in the formal sector. EPFO has added 13.95 lakh new subscribers in November 2021. Whereas in November 2020 only 10.11 lakh new subscribers were added. The Employees’ Provident Fund (EPFO) has released the provisional payroll data
According to the data released by the Employees’ Provident Fund Organization (EPFO), 25.65 percent more new subscribers have been made of EPF in November 2021 than in October 2021. In the month of November as compared to October, 2.85 lakh new people have become members of EPF. If we look year after year, 3.84 lakh more new EPF members have become members in November 2021 as compared to November 2020 last year.
Out of 13.95 lakh new EPF members who have become members in November 2021, 8.28 lakh subscribers have joined EPF for the first time under social security cover. Out of these, 5.67 lakh people are those who were out of EPF but have become members of EPF and EPS again due to change of jobs again. Instead of withdrawing the amount deposited in the old PF account, these people have transferred the amount to the existing EPF account.
According to the data released by the Ministry of Labor, the highest number of jobs in the organized sector have been created in Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka. In these states, 8.40 lakh people have got jobs in the organized sector, which is 60.60 percent of the total payroll. Looking at the industry-wise payroll data, 41.48 per cent of the expert services, which include manpower agencies, private security agencies and small contractors, have become new members of the EPF. Along with this, many new people joining on the payroll in the building, construction, textile, schools, restaurants and cement industries have also become members of EPFO.