EPFO adds 18.36 lakh net members in June
Author: BI Bureau
New Delhi: The provisional payroll data of EPFO recently highlights that EPFO has added 18.36 lakh net members in the month of June, 2022. For the month of June, the net member addition has increased by 9.21 per cent as compared to the previous month of May, 2022. Year-on-year comparison of payroll data reflects that June has registered an increase of 5.53 lakh in terms of net member addition comparing the corresponding month during last year in 2021.
Out of the total 18.36 lakh members added during the month, around 10.54 lakh new members have been covered under EPF and MP Act, 1952 for the first time. New member joining has shown a growing trend since April, 2022. Approximately 7.82 lakh net members exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to transfer their funds from previous PF account to the current account instead of applying for final PF withdrawal.
The age-wise comparison of payroll data indicates that the age-group of 22-25 years has registered the highest number of net enrolments with 4.72 lakh additions during June, 2022. This shows that many first-time job seekers are joining the organized sector workforce in large numbers.
The state-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi continue to remain in lead by adding approximately 12.61 lakh net members during the month, which is 68.66 per cent of total net payroll addition across all age groups.
Gender-wise analysis indicates that enrollment of net female members has increased to 4.06 lakh in the current month from 3.43 lakh during last month, registering an increase of 18.37 per cent. It is also observed that participation of the female workforce in the organised sector has been the highest in the last 12 months. Accordingly, the percentage share of net female member addition has increased from 20.37 per cent in May 2022 to 22.09 per cent in the month of June 2022.
The classification of industry-wise payroll data indicates that mainly two categories, i.e., ‘expert services’ consisting of manpower agencies, private security agencies and small contractors, etc., and ‘Trading-Commercial establishments’ constitute 47.63 per cent of total member addition during the month. Comparing industry-wise data with that of previous month, higher enrollments have been noticed in industries, namely, ‘schools’, ‘garments making’, ‘expert services’ and ‘textile.’
EPFO’s payroll is a part of the organized sector workforce for those establishments which are covered under the provisions of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. It is a social security organization, which provides provident fund, 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. /BI/
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The exports of agricultural commodities from March to June 2020 shot up by 23.24 percent on-year to Rs 25,552.7 crores.
As the economy comes to a standstill amid the coronavirus-led lockdown, India’s agriculture sector has taken the baton of economic growth in its hands. The exports of agricultural commodities from March to June 2020 shot up by 23.24 percent on-year to Rs 25,552.7 crores, according to the Ministry of Agriculture & Farmers Welfare. The government said that self-reliant agriculture is critical for the goal of an Atmanirbhar Bharat and for this, agricultural export is extremely important as besides earning foreign exchange for the country, the exports help farmers, producers, and exporters to take advantage of the wider international market and increase their income.
The surge in exports has also resulted in increased production in the farm sector by increasing coverage area and productivity. The share of India’s agricultural exports and imports in the world agriculture trade in 2017 was 2.27 percent and 1.90 percent, respectively. Even during the difficult time of pandemic lockdown, India took care not to disturb the world food supply chain and continued to export, the government said.
Ministry of Agriculture has prepared a comprehensive action plan for the promotion of Agri trade; the twofold approach focuses on boosting Agri Export with emphasis on value addition and action plan for Import Substitution. Recently, the Agriculture sector has witnessed a series of reforms, giving more choices to the farmers to sell their produce at competitive rates.
To mention a few, the Export strategy focuses on the export promotion of fast-evolving niche markets of Wellness food/ Health-conscious food/nutraceuticals, Development of “Brand India” in campaign mode to help penetration into new foreign markets and of new products which automatically translates into higher value realization, Gulf countries have been identified as focus destination to increase the market share which is a strong market for India though presently India caters to only 10-12% share of their total imports. A product-market matrix has been made containing a list of products of strength that could be expanded in new geographies and a list of known markets which can be introduced with newer products.
At the behest of the Department of Agricultural Cooperation & Farmers’ Welfare, Ministry of Agriculture, product-specific Export Promotion Forums have been created to lead Agri exports to new heights. Each Export Promotion Forum shall be having exporters of the related commodity as its members along with official members representing concerned Ministries/Departments of the Central and State Governments. Chairman APEDA shall be the chairman of each of these forums. The forums will meet at least once every two months, to discuss recommendations on issues pertaining to the export.
The recommendations of the forum will be placed in the product committee / Authority of APEDA. The Forum will keep in close contact with the concerned organization of the Ministry of Agriculture such as MIDH, Extension, NPPO, etc., DGFT, Ministry of Civil Aviation, MoFPI, etc. to further the interest of agricultural export.
