EPFO added 17 lakh subscribers in April


EPFO subscribers increased in April this year

New Delhi:

Retirement fund body Employees’ Provident Fund Organization (EPFO) added 17.08 lakh net new subscribers in April 2022, almost 34 per cent more than 12.76 lakh enrolled in the same month a year ago.

The provisional payroll data of EPFO ​​released on Monday highlighted that the PF body has added 17.08 lakh net subscribers in the month of April 2022, a labor ministry statement said.

According to the statement, the year-on-year comparison of payroll data shows an increase of 4.32 lakh net subscribers in April 2022 as compared to net subscriptions in the same month last year.

Thus, the net new subscribers in April 2021 stood at 12.76 lakhs.

The data showed that the number of net new customers increased to 1.22 crore in 2021-22 from 77.08 lakh in 2020-21, 78.58 lakh in 2019-20 and 61.12 lakh in 2018-19.

Out of the total 17.08 lakh subscribers added during the month of April, about 9.23 lakh new members have come under the social security cover of EPF and MP Act, 1952 for the first time.

About 7.85 lakh net subscribers moved out of the establishments covered under EPFO ​​by changing their jobs and re-joined the establishments covered under EPFO ​​and came for final withdrawal of their PF accumulations instead of coming for the final withdrawal of their PF accumulations under the scheme through transfer of funds. opted to retain. ,

The payroll data shows a declining trend of member exits during the past four months, the statement said.

Age-wise comparison of payroll data indicates that the age group of 22-25 years recorded the highest net enrollment during April 2022 with an addition of 4.30 lakh. It is followed by the age group of 29-35 years with healthy growth. 3.74 lakh net additions during the month.

In short, these two age groups increase the total subscriber base by about 47.07 percent during the month. The age group of 29-35 years can be considered as experienced employees, who have changed jobs for career growth and have opted to stay with EPFO.

A state-wise comparison of payroll data shows that establishments comprising Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi remained the leaders adding around 11.60 lakh net customers during the month, which is 67.91 per cent of the total net payrolls. Extra in all age groups.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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