Positive trend in net payroll adds 4.03 lakh in August, says EPFO

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Positive trend in net payroll adds 4.03 lakh in August, says EPFO

The data reflects a growing trend in net payroll for the first five months of the current financial year, it added.

Age-wise comparison of payroll data shows that the age group of 22 - 25 years registered highest number of net enrollments with 4.03 lakh additions during August. This was followed by the 18 - 21 year group with around 3.25 lakh net enrollments.

This is largely due to lower female member exits during the month, it said.

Apart from this, growing trend in net payroll additions has been noted in industries like trading-commercial establishments, engineering products, building and construction, textiles, garment making, hospitals and financing establishments.

The payroll data is continuous since the data generation is a provisional exercise, as the updation of employee records is a continuous process. Since May 2018 EPFO has been releasing payroll data covering the period September 2017 onwards.

EPFO is the country's principal organisation responsible for providing social security benefits to the organised semi-organised sector workforce covered under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.

EPFO provides provident fund and pension benefits to the members on their retirement, and family pension and insurance benefits to their families in case of untimely death of the member.