EPFO added 16.26 lakh net subscribers in November 2022

The provisional payroll data of Employees’ Provident Fund Organisation (EPFO released by Labour ministry highlighted that retirement body Employees’ Provident Fund Organisation (EPFO) added 16.26 lakh subscribers on a net basis in November 2022, which is 16.5% higher compared to a year ago. 
 
According to the data, net additions in October 2022 increased by 25% from the previous month. Around 8.99 lakh of the 16.26 lakh new members who joined during the month came under the ambit of EPFO for the first time, indicating an increase in the number of new members joining EPFO by 1.71 lakh from 7.28 lakh in October 2022. 
 
The age group of 18 to 21 years has the highest enrollment among the new members with 2.77 lakh members followed by the age group of 22 to 25 years with 2.32 lakh members.  56.60% of all new members during the month are in the 18 to 25 year old age range. This demonstrates how many first-time job seekers are joining the nation's workforce in the organised sector. 
 
Additionally, the data showed that approximately 11.21 lakh members re-joined EPFO. These members switched jobs and re-joinedthe establishments covered under EPFO  and opted to transfer their accumulations rather than file for final settlement  thereby extending their social security protection
 
The Employees State Insurance Scheme (ESI Scheme) provisional payroll data for November 2022, which was also made public by the labour ministry indicated that 18.86 lakh new employees were hired during that month. A year-on-year comparison of payroll data reflects an increase of 5.24 lakhs in net membership in November 2022 as compared to the corresponding month in 2021.
 
Approximately 21,953 new businesses that provide their employees with social security coverage were registered in the month of November 2022, according to data from the Employees' State Insurance Corporation.
 
The age group with the highest registration was 18 to 25 years, with 8.78 lakh employees out of the total 18.86 lakh employees added during the month of November. According to a gender analysis of ESIS payroll data, 3.51 lakh net female members were enrolled as of November 2022.
 
The data also reveals that 63 transgender employees signed up for the ESI Scheme in November.
 
An analysis of the EPFO payroll data by gender reveals that 3.19 lakh net female members were enrolled as of November 2022. 
 
In October 2022, there were 2.63 lakh more female members than the previous month, which represents an increase of about 0.56 lakh.
 
A year-on-year comparison of enrollment data revealed a growth of 7.90% in the net female membership in the organised workforce in November 2022 compared to the net female membership during the prior year in November 2021.  State wise  payroll data reveals that Gujarat, Haryana, Tamil Nadu, Uttar Pradesh, Maharashtra, & Rajasthan are showing a growing trend in net member addition month over month.
 
Together, these states increase the net membership by 58.23% for the month. Among all the states, Maharashtra is leading by adding 20% of overall member addition followed by the state of Tamil Nadu with 10.91% during the month.
 
According to the industry-specific classification of payroll data, 'Expert Services' (consisting of manpower suppliers, regular contractors, security services, miscellaneous activities, etc.) account for 40% of the total number of new members added during the  month of November.
 
When comparing industry-specific data with that of the previous month higher enrollments have been observed in the industries of automobile servicing, building and construction industry, and engineering, financing establishment
 
Since updating employee records is a continuous process the payroll data is provisional as a result of the continuous data generation.As a result, monthly updates are made to the historical data. According to the statement to calculate the net monthly payroll, the number of new members joining EPFO through an Aadhaar-validated Universal Account Number (UAN), the number of current members leaving EPFO's coverage, and the number of former members re-joining as members are all counted. 
 
The Employees' Provident Funds & Miscellaneous Provisions Act, 1952, covers the organised sector workforce in India, and the EPFO is the main organisation in charge of providing social security coverage to that workforce. 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
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Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
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Debashis Basu
Founder