The Employees’ Provident Fund Organisation (EPFO) added 12.73 lakh net subscribers in October this year, clocking a 10.22% rise compared with 11.55 lakh added in the corresponding month last fiscal, official data showed.
“Of the total 12.73 lakh net subscribers added, 7.57 lakh new members have been enrolled under EPF & MP Act, 1952 for the first time.
Approximately 5.16 lakh net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of opting for final withdrawal,” an official statement issued Monday said. The official statement did not give the number of subscribers of those who exited during the month.
Of the net addition, 40.73% belong to the ‘expert service’ category consisting of manpower agencies, private security agencies and small contractors etc. Growing trend in net payroll additions has been noted in industries like paper, rice milling and financing establishments etc, it said.
Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered the highest number of net enrolments with 3.37 lakh additions during October 2021. Age-group of 18-21 also registered a healthy addition of around 2.50 lakh net enrolments.
“Age-groups of 18-25 years have contributed around 46.12% of total net subscriber additions in October 2021. Members of these age-groups are usually fresh hands in the job market and signifies a crucial stage for an individual’s potential in terms of earning capacity,” the statement said.
Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka led in net additions. These states added around 7.72 lakh subscribers in October this year, which is around 60.64% of total net payroll addition across all age groups.
Gender-wise analysis indicates that net share of female enrolment during the month is 2.69 lakh or 21.14% of the total net subscribers’ addition during the month.