EPFO payroll data for June 2019
The Employees Provident Fund Organization (EPFO) has released the payroll enrollment data for the month of June 2019. The data has shown a net payroll addition of 43% for this month.
What does the data say?
- As per the released EPFO data, the highest percentage of increase was observed in the age brackets of over 26 years with a month-on-month increase of 54%.
- However, for enrollments of those under the age of 26, the increase was 35%, indicating a preference in hiring of comparatively older employees or alternatively, those above 26 are more keen to take up jobs while the younger lot is busy in job preparation.
- The increase in the younger age brackets (<26) can mainly be attributed to new jobs while those in older age brackets (>26) reflects a change of jobs or the formalization of employment conditions by companies.
- However, the Employees? State Insurance Corporation (ESIC) has reported a net 5.3% decline in the new addition in June, when compared to the previous month.
- The retirement fund manager, EPFO has over 6 crore active members (who all contribute at least once a month) while the state medical care provider, ESIC has over 3 crore active members.
What is EPFO?
- The Employees’ Provident Fund Organisation (EPFO), is a government organization which is aimed to assist the Central Board of Trustees (CBT).
- The CBT is a statutory body which was formed after the passage of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is currently the administrative control of the Ministry of Labour and Employment, Government of India.
- The EPFO assists the CBT in the administration of the compulsory contributory Provident Fund Scheme, Pension Schemes and Insurances Scheme for the workforce engaged in the organized sector in India.
The EPFO is also the nodal agency for the implementation of the Bilateral Social Security Agreements (BSSA) with foreign countries on a reciprocal basis.
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