News Karnataka
Tuesday, October 04 2022
Business News

EPFO added 14.6 lakh subscribers in Dec 2021, up 16.4% YoY

Photo Credit : IANS

New Delhi: The Employees’ Provident Fund Organisation (EPFO) added 14.6 lakh net subscribers in December 2021, up 16.4 per cent compared to the corresponding period of the previous year.

A comparison shows an increase of around 2.06 lakh in net payroll additions in December 2021, as compared to 12.54 lakh net subscribers added during the corresponding month of the previous year.

On a month-on-month basis, the net subscriber addition increased by 19.98 per cent, as compared to November 2021.

“Of the total 14.60 lakh net subscribers added, 9.11 lakh new members have been enrolled under the EPF & MP Act, 1952 for the first time. Approximately, 5.49 lakh net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from the previous to present PF account instead of opting for final withdrawal. Further, the number of members exiting EPFO has been on a declining trend since July, 2021,” the Ministry of Labour and Employment said in a statement.

Age-wise, the age-group of 22-25 years registered the highest number of net enrolments with 3.87 lakh additions in December, 2021.

Besides, the age-group of 18-21 also registered a healthy addition of around 2.97 lakh net enrolments.

Whereas, age-groups of 18-25 years contributed around 46.89 per cent of total net subscriber additions during the month which indicates that many first-time job seekers have joined the organised workforce in large numbers, the statement said.

Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka saw the highest number of net additions, adding approximately 8.97 lakh subscribers during the month, which is around 61.44 per cent of total net payroll addition across all age groups, it added.

EPFO provides provident fund, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of the untimely death of the member.

EPFO is the country’s principal organisation responsible for providing social security benefits to the organised and semi-organised sector workforce covered under the statute of EPF & MP Act, 1952.

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