EPFO added 14.12 lakh net subscribers in February: Govt data

New Delhi, April 20: Retirement fund body Employees’ Provident Fund Organization (EPFO) added 14.12 lakh net subscribers in February, 2022 reflecting expansion in economic activities and job opportunities. “There is consistent increase in the net subscriber addition since October, 2021 showcasing trust in the services rendered by the organization,” Ministry of Labour and Employment said in a release on Wednesday. Year-on-year comparison showed an increase of 1,74,314 net additions during February, 2022 as compared to net subscriber addition in corresponding month of 2021. Out of the total 14.12 lakh net subscribers added during the month, around 8.41 lakh new members were enrolled under the social security cover of EPF & MP Act, 1952 for the first time. “Approximately 5.71 lakh net subscribers exited but re-joined EPFO by transferring their accumulations from previous PF account to the current PF account, instead of claiming for final withdrawal,” the Ministry said. Pan India comparison of payroll figures highlighted that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi led the growth in subscriber base by adding about 9.52 lakh net subscribers during the month. This is around 67.49% of total net payroll addition across all age groups. Net female payroll addition during February was about 3.10 lakh. “Share of female enrolment is 21.95% of the total net subscriber addition during the month of February, 2022 with an increase of 22,402 net enrolments over the previous month of January 2022. This is largely due to lower female exits and higher new joining during the month,” Labour Ministry said. Industry-wise payroll data indicated that mainly two categories, ‘Expert Services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Trading-Commercial establishments’ accounted for 47.28% of total subscriber addition during the month. Age-wise comparison of payroll data indicated that the age-group of 22-25 years has been on the forefront by registering the highest number of net enrolments of 3.70 lakh additions during February, 2022 followed by the age-group of 29-35 years with an addition of 2.98 lakh net subscribers during the month. (UNI)