The Employees Provident Fund Organisation (EPFO) added around 14.81 lakh net subscribers in August-2021, according to the payroll data of EPFO.
Kolkata, on 20.10.21 EPFO (Employees Provident Fund Organisation) has said that added of 14.81 lakh new subscribers during August’2021 with increased by 12.61% as compared to the previous month of July’2021.
As per provisional payroll data of EPFO, around 9.19 lakh new subscribers have joined the EPFO in August’2021 and around 5.62 lakh net subscribers rejoined the EPFO, which have already existed before.
The first time, around 9.19 lakh new subscribers out of the total 14.81 lakh came under the Social Security ambit of the retirement fund body. Around 5.62 lakh net subscribers exited but rejoined EPFO by switching jobs within the establishments covered under the preview of EPF & MP Act, 1952.
Also, the ministry said that an age-wise comparison of payroll data shows that the age-group of 22-25 years has enrolled the highest numbers of net subscribers with around 4.03 lakh addition in August’ 2021 and followed by 18-21 age group with around 3.25 lakh net enrollments. This is indices that the large numbers of job seekers are joining the organized sector workforce for the first time.
State-wise comparison of payroll data, Maharashtra, Haryana, Gujrat, Tamilnadu, and Karnataka continue to lead in employment generation by adding 8.95 lakh subscribers during the month.
The August data, the ministry said also showed an increase in the female subscribers of about 10% when compared to July month.
According to the ministry’s statement, the subscribers can choose to continue their membership with EPFO by transferring their funds from their previous job to the current Provident Fund (PF) account instead of applying for the final withdrawal.
According to industry-wise payroll data, the ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitute 39.91 per cent of the total subscriber addition in August’2021.
The EPFO is responsible for providing social security benefits to the organized, semi-organized sector workforce. The organisation provides provident funds, pension benefits to the members on their retirement, along with family pension, insurance benefits to the families in case of the sudden death of the member.