EPFO Added 14.81 Lakh Net Subscribers In August; 50% Fresh Job Seekers
- The age-wise comparison of the payroll data shows that the age-group of 22-25 years registered the highest number of net enrolments with 4.03 lakh additions in August, 2021, followed by the age group of 18.21 with around 3.25 lakh net enrolments.
- This indicates that several first-time job seekers joined the organised sector workforce and contributed around 49.18 per cent of the total net subscriber additions in August 2021.Â
- Out of the total 14.81 lakh net subscribers, around 9.19 lakh new members came under the social security ambit of the retirement fund body for the first time. Around 5.62 lakh net subscribers exited but rejoined EPFO by switching jobs within the establishments covered under the purview of EPF & MP Act, 1952.
- The subscribers chose to continue their membership with EPFO by transferring their funds from previous job to the current provident fund (PF) account instead of applying for the final withdrawal, according to the ministry's statement.
- The state-wise comparison of payroll data highlighted that the establishments covered in Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka were in lead by adding approximately 8.95 lakh subscribers in August - around 60.45 per cent of total net payroll addition across all age groups.
- The share of female enrolment is approximately 20 per cent of the total net subscriber addition in August. The net addition of female subscriber increased roughly by 10.18 per cent in August compared to July, 2021. This was mostly due to lower female member exits during the month.
- The ‘expert services' category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 39.91 per cent of the total subscriber addition in August, according to industry-wise payroll data.Â
- EPFO is responsible for providing social security benefits to the organized, semi-organized sector workforce. The organisation provides provident fund, pension benefits to the members on their retirement, along with family pension, insurance benefits to the families in case of an untimely death of the member.
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