Employees' Provident Fund
Organisation (EPFO) has added 13.36 lakh net subscribers in the month of
January, 2021. Provisional payroll data of EPFO published by Ministry
of Labour & Employment has highlighted a growing trend of subscriber
base with the addition of 13.36 lakh net subscribers during January
this year.
Despite COVID-19 pandemic, EPFO added around 62.49 lakh subscribers
during the current financial year. The data reflects growth of 24
percent for the month of January, 2021 over December, 2020. Year-on-year
comparison of payroll data indicates an increase of 27.79 percent in
net subscribers’ as compared to the corresponding period last year,
indicating return to the pre-Covid levels of subscriber growth for EPFO.
Growing trend in EPFO payroll numbers and the accelerated expansion of
the subscription base may partly be attributed to recent e-initiatives
taken by EPFO for seamless and uninterrupted service delivery in
addition to the policy support for formalization of the economy through
ABRY, PMGKY and PMRPY schemes of Government of India, amid COVID -19
pandemic. Of the 13.36 lakh net subscribers added during the month of
January 2021, around 8.20 lakh new members will receive the benefit of
EPFO’s social security schemes for the first time.
Around 5.16 lakh net subscribers excited 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. Members are now availing the facility of hassle-free
auto-transfer of PF holdings from old PF account to the new PF account
on change of job, which facilitates continuity of their membership with
EPFO.
Net payroll addition data reflects that the number of members exiting
EPFO has been declining continuously after the peaking in June 2020,
during current financial year. This trend indicates that the adverse
impact of COVID- 19 on members' exit from EPFO has gradually dissipated.
Age-wise analysis indicates that during January 2021, the age-bracket
of 22-25 has registered substantial growth in subscriber base with
around 3.48 lakh net enrollments. This age-group may be considered as
freshers in the job market. This is followed by age-bracket of 29-35
with around 2.69 lakh net enrollments, which can be seen as experienced
workers who changed jobs for career growth and opted to be with EPFO.
Pan India comparison shows that states of Maharashtra, Haryana,
Gujarat, Tamil Nadu and Karnataka are in forefront of net payroll
addition by adding 34.24 lakh net subscribers out of 62.49 lakh
cumulative net subscribers added during the current financial year,
across all the age-groups.
The gender-wise analysis shows that 2.61 lakh net female subscribers
were added in the month of January, 2021 showing an increase of
approximately 30% over the previous month of December 2020.
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(With input from news agency language)
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