The Covid-19 pandemic has affected the lives of millions of people in a number of ways across the country. A whopping 4.73 lakh employees exited their old jobs in the month of June to join new companies.
The revelation is as per a provisional payroll data compiled by the Employees’ Provident Funds Organisation (EPFO) for the month of June, 2021.
As per the data, there had been 2.55 lakh net payroll additions in the age group of 29-35 in the month. The age-wise payroll data indicates that many first time job seekers are joining the organised sector workforce in large numbers. The gender-wise analysis indicates that net female addition during the month stood at 2.56 lakh, which is around 0.79 lakh more than those added during May 2021.
According to the EPFO data, "Around 4.73 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered by EPFO. This shows that majority of subscribers opted to continue their membership with EPFO, using transferring of funds from previous job to the current PF account rather than applying for final withdrawal of their PF accumulations."
The EPFO had registered 12.83 lakh net payroll additions during the month of June, 2021. Of the total 12.83 lakh net subscribers added during the month, around 8.11 lakh new members have come under the social security coverage of Employees’ Provident Funds Scheme for the first time.
As per a PIB release enumerating the EPFO data, the age-group of 18-25 years has registered the highest number of net enrolments with around 6.15 lakh additions, which is 47.89 percent of total net additions during the month of June, 2021.
The state-wise comparison of payroll shows that states like Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are still at the forefront of payroll addition with addition of approximately 7.78 lakh subscribers during the month. This is around 60.61 percent of total net payroll addition across all age groups, the release added.