The payroll data, particularly the addition of new members, is seen as a proxy for job creation.
Youth unemployment has been a challenge for policymakers and govt has been taking several measures to create new jobs and attracting investment.Gender-wise analysis of payroll data showed that out of 7.8 lakh new members, over 2 lakh are new female members.
The net female member addition during the month stood at over 3 lakh.
).The payroll data is provisional since the data generation and updating employee records is a continuous process.
From April-2018, EPFO has been releasing payroll data covering the period September, 2017 onwards.
NEW DELHI: Retirement fund entity Employees Provident Fund Organisation ( EPFO ) added 15.5 lakh net members in Feb and nearly 7.8 lakh are new members, data released on Saturday showed.A key aspect of the data is the dominance of the 18-25 age group, constituting a significant 56.4% of the total new members added in Feb indicating the majority of individuals joining the organised workforce are youth, primarily first-time job seekers , an official statement said.The payroll data highlighted that approximately 11.8 lakh members exited and subsequently rejoined EPFO. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection, according to the statement. The payroll data, particularly the addition of new members, is seen as a proxy for job creation. Youth unemployment has been a challenge for policymakers and govt has been taking several measures to create new jobs and attracting investment.Gender-wise analysis of payroll data showed that out of 7.8 lakh new members, over 2 lakh are new female members. The net female member addition during the month stood at over 3 lakh. Female member addition is indicative of a broader shift towards a more inclusive and diverse workforce, the statement said.Month-on-month comparison of industry-wise data displays growth in the members working in establishments engaged in the industries which include establishments engaged in manufacture, marketing servicing and usage of computers, companies/societies/assc/clubs/troupes for performances, road motor transport, automobile servicing, textiles among others. Of the total net membership, around 41.5% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).The payroll data is provisional since the data generation and updating employee records is a continuous process. The previous data gets updated every month. From April-2018, EPFO has been releasing payroll data covering the period September, 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll.
