New Delhi: EPFO has released its provisional payroll data for the month of July, 2023, which highlights the addition of 18.75 lakh net members. The increase in membership recorded in the month is the highest since the first release of EPFO payroll data in April 2018, covering the period of September 2017 onwards. This positive trend has been consistent for the past three months, with a net increase of approximately 85,932 members compared to the previous month of June 2023.
The data indicates that approximately 10.27 lakh new members were enrolled in July 2023, the highest number since July 2022. The majority of these new members, accounting for roughly 58.45% of the total, fall within the age group of 18-25 years. This highlights a growing trend of young individuals joining the organized sector workforce, particularly as first-time job seekers.
Payroll data reveals that in the last 12 months, approximately 12.72 lakh members exited and subsequently rejoined the EPFO, marking the highest number of reentries. These members effectively switched jobs and decided to transfer their savings instead of seeking final settlement, thereby extending their social security coverage.
Gender-wise analysis of payroll data shows that during July, 2023 around 3.86 lakh net female members have been added in the payroll. Around 2.75 lakh female members have come under the ambit of social security coverage for the first time.
State-wise analysis of payroll data denotes that net member addition is highest in the 5 states of Maharashtra, Tamil Nadu, Karnataka, Gujarat and Haryana. These states constitute around 58.78% of net member addition, adding a total of 11.02 lakh members during the month. Of all the states, Maharashtra is leading by adding 20.45% of net members during the month.
Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in Trading-Commercial Establishments, Building & Construction Industry, Electrical, Mechanical and General Engineering Products.
This was followed by Textiles, Financing Establishment, Hospitals etc. Of the total net membership, around 38.40% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
The payroll data mentioned above is considered provisional as it is continuously updated due to the ongoing process of updating employee records. Every month, the previous data is refreshed. Starting from April 2018, EPFO has started releasing payroll data that covers the period from September 2017 onwards.
The net monthly payroll is determined by considering the number of new members joining EPFO through Aadhaar verified UAN, existing members leaving EPFO coverage, and members who have left but are re-joining.