EPFO adds 14.81 lakh net subscribers in Aug 2021, 50% of net additions are fresh Job seekers

In the month under review, the net subscriber addition has increased by 12.61% as compared to the previous month.

Oct 21, 2021 01:10 IST India Infoline News Service

Employee Provident Fund
As per the latest provisional payroll data, EPFO has added around 14.81 lakh net subscribers in August 2021. The data reflects a growing trend in net payroll for the first five months of the current financial year. In the month under review, the net subscriber addition has increased by 12.61% as compared to the previous month.

Data given by the Ministry of Labour & Employment, revealed that of the total 14.81 lakh net subscribers, around 9.19 lakh new members have come under the social security ambit of EPFO for the first time. Around 5.62 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of EPF & MP Act, 1952. The subscribers opted to continue their membership with EPFO by transferring their funds from previous job to the current PF account instead of applying for final withdrawal.

Meanwhile, age-wise comparison of payroll data shows that the age-group of 22-25 years has registered highest number of net enrolments with 4.03 lakh additions during August, 2021. This is followed by age-group of 18-21 with around 3.25 lakh net enrolments. This indicates that many first-time job seekers are joining organised sector workforce in large numbers and have contributed around 49.18% of total net subscriber additions in August, 2021.

On state-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in lead by adding approximately 8.95 lakh subscribers during the month, which is around 60.45% of total net payroll addition across all age groups.

Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 39.91% of total subscriber addition during the month. Apart from this, growing trend in net payroll additions has been noted in industries like trading-commercial establishments, engineering products, building & construction, textiles, garment making, hospitals and financing establishments.

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