The SBI’s latest research report has stated that it has analysed the EPFO payroll data trends for the last four years, net new EPF subscriber addition during FY20 to FY23 was 4.86 crore
The research report further stated that the EPFO payroll data in the first quarter of the current financial year, the trend is quite encouraging. It further sated that already 44 lakh net new EPF subscribers joined, of which first payroll were 19.2 lakh. If this trend continues for the whole fiscal then in FY24, the net new payroll cross the 160 lakh mark (highest-ever) with first payroll in the range of 70-80 lakh.
NPS data indicates that 8.24 lakh new subscribers in FY23, of which state government payrolls of 4.64 lakh, followed by Non-Government of 2.30 lakh and 1.29 in central government. In the last 4-years, around 31 lakh new subscribers joined in NPS.
So, cumulatively, total payroll generation of EPFO and NPS is more than 5.2 crore during FY20 to FY23.
Meanwhile, an interesting feature of the current EPFO data is the significant decline in revision of number of members who have rejoined or resubscribed in the first quarter of current financial year. This would mean more people might be deciding to stick to their current employment. Additionally, the share of women payroll was around 27%.
To enable the increase of women in labour force, we recommend that Bank Sakhis hired under National Rural Livelihood Mission /NRLM may be considered for appointing as Banking Correspondents, as they are well versed with routine bank operations and possess mandated IIBF certification. Policy may also be framed to mandatorily recruit at least 30% of the total workforce as women Banking Correspondents, particularly in locations where access and usage of the accounts by women is low.
Source By: livemint
