EPFO added 13.95 lakh subscribers in November 2021

EPFO has added 13.95 lakh net subscribers in November 2021.

New Delhi: The Employees Provident Fund Organisation (EPFO) added 13.95 lakh net subscribers in November 2021, marking an increase of around 2.85 lakh net subscribers over the previous month.

Year-on-year comparison of payroll data also show an increase of around 3.84 lakh in net payroll additions in November 2021, as compared to 10.11 lakh net subscribers added during the corresponding month of 2020, the Ministry of Labour and Employment informed on Thursday.

Of the total 13.95 lakh net subscribers added in November last year, 8.28 lakh new members came under the social security cover of EPFO for the first time. Approximately 5.67 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 PF accumulations from previous to present PF account instead of applying for final withdrawal.

Age-wise comparison of payroll data show that the age-group of 22-25 years registered the highest number of net enrolments with 3.64 lakh additions during November 2021. The 18-21 age-group also registered a healthy addition of around 2.81 lakh net enrolments. The 18-25 age bracket contributed around 46.20 per cent of total net subscriber additions in November 2021.

Members of these age-groups are usually fresh hands, entering the job market after completing their education.

Pan-India 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 8.46 lakh subscribers during the month under review, which is around 60.60 per cent of total net payroll additions across all age groups.

Gender-wise analysis indicates that net share of female subscribers during the month under review was 2.95 lakh, almost 59,005 more than that of subscribers added during October 2021 when 2.36 lakh females joined the organised workforce with an increase of 24.97 per cent.

Industry-wise payroll data indicate that the `expert services` category (consisting of manpower agencies, private security agencies and small contractors etc.) constituted 41.48 per cent of total subscriber addition during the month under review. Also Read: AGS Transact Technologies IPO gets 1.42 times subscription on second day of offer

In addition, a growing trend in net payroll additions has been noted in industries like building and construction, textiles, schools, restaurants, and cement. Also Read: Budget 2022: Fintech startups hope for support for NBFCs, peer to peer lending, clarity on crypto taxation