Monday, December 5 2022

According to payroll statistics published by the Employees Provident Fund (EPFO) on June 20, at least 922,752 people began formal work for the first time in April 2022, a decrease from the March additions.

The new payroll additions recorded in April, the first month of FY23, are more than 45,000 less than the 968,163 new subscribers the pension fund gained in March. According to official data provided in May, this figure was 886,836 in February and 937,610 in January 2022.

At least 494,490 new recruits were in the 18-25 age group, according to the first payroll statistics published Monday by the EPFO, a critical aspect for measuring the evolution of the labor market. People over 35 came second with almost 169,597 new entries among other age groups.

While the increase in new payroll additions was slightly lower than March data announced in May 2022, EPFO ​​said net payroll additions increased significantly.

The pension fund authority recorded a net increase of 17.07 lakh in personnel in April 2022, compared to 15.32 lakh in March 2022. A comparison of net payroll data from April 2022 to April 2021 reveals an increase of 4.32 lakh net subscribers in April 2022 compared to April 2021.

New arrivals, the number of departures from the EPFO ​​system and those who have returned after a previous departure are all taken into account in the new pay figures. The downside is that net additions are more volatile than new additions. Admittedly, these are estimates that could change in the coming months.

According to EPFO, a state-by-state review of net payroll figures reveals that companies in Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi led employment growth in April, adding around 11.6 lakh net subscribers.

“Based on gender analysis, the net increase in female payroll for the month was around 3.65 lakh. Female signup accounted for 21.38% of the overall net subscriber acquisition in April 2022, an increase of 17,187 net enrollments from the previous month of March 2022, according to a separate EPFO ​​announcement.

Payroll data shows an upward trend in net enrollment of female workers in the organized sector over the past six months, according to the pension fund.

“The classification of payroll data by industry indicates that primarily two categories, namely ‘expert services’ and business establishments, account for 48.25% of the total subscriber addition during the month,” said EPFO, adding that an upward trend has also been observed in other industries such as electricity, mechanical engineering, construction and textiles.


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