EPFO adds 12.54 lakh net subscribers in Dec 2020

The growth is 24% on a year-on-year basis, indicating a return to the pre-Covid levels of subscriber growth for EPFO.

Feb 22, 2021 02:02 IST India Infoline News Service

The provisional payroll data of EPFO maintained a positive trend in net subscribers base growth with the addition of 12.54 lakh subscribers in December 2020. The latest addition in net subscribers increased by 44%  compared to the previous month. The growth is 24% on a year-on-year basis, indicating a return to the pre-Covid levels of subscriber growth for EPFO.

As per the Ministry of Labour & Employment data, in December 2020, around 8.04 lakh new members have been covered under the ambit of EPFO. Roughly 4.5 lakh net members exited and then rejoined EPFO indicating switching of jobs by the subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement. An increase in the number of members rejoining indicates that workers are returning to their jobs with a decline in active Covid-19 cases in India.  Further, the auto-transfer facility initiated by EPFO enabled the hassle-free transfer of PF balance from the old account to the new account on change of job ensuring continuity of membership in many cases.

Age-wise performance in December 2020, saw substantial growth in subscriber base was recorded in the age bracket of 22-25 with around 3.36 lakh net enrollments. This was followed by an 18-21 age-bracket with around 2.81 lakh net enrollments. This age-group signifies a crucial stage of independence, the application of academic learning, social and economic productivity well as sets the stage for an individual’s potential in terms of earning capacity. As per data, 18-25 age-groups have contributed to the tune of around 49.19% of the total subscriber additions in December 2020.

Further, the data explains that the payroll statistics across the comparison of the states shows that Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka continue to lead in employment generation by adding 29.12 lakh net subscribers out of 53.70 lakh during the current financial year across all the age-groups.

EPFO added around 53.70 lakh subscribers during the first three quarters of the current financial year.

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