EPFO adds 10.11 lakh net subscribers in November 2020

The provisional payroll of Employees' Provident Fund Organisation (EPFO) released today by the Ministry of Labour and Employment reveals that it has added around 10.11 lakh net subscribers in the month of November 2020.

The provisional payroll of Employees' Provident Fund Orgsation (EPFO) released today by the Ministry of Labour and Employment reveals that it has added around 10.11 lakh net subscribers in the month of November 2020.

The Ministry stated: "Despite the Covid-19 pandemic, EPFO has added around 45.29 lakh net subscribers base in the current financial year (from April to November 2020). The data published comprises of members who have joined during the month and whose contribution has been received."

"In the month of November 2020, around 6.41 lakh new members have joined EPFO. Roughly 3.70 lakh net members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain their membership by transferring of funds rather than opting for final settlement. Exited members rejoining also indicate that workers are returning to their jobs with a decline in active Covid-19 cases in India," the Ministry added.

The Ministry further stated that age-wise analysis indicates that during November 2020, the age-bracket of 22-25 has registered the highest growth in subscriber base with around 2.72 lakh net enrollments. This was followed by 18-21 age-bracket with around 2.21 lakh net enrollments. The 18-25 age-group members can be considered as fresh hands in the labour market and have contributed roughly 48.72 per cent of the new subscriber additions for November 2020.

Across the States' comparison of payroll figures show that states of Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka continue to remain at the forefront of the employment recovery cycle with adding approximately 53 per cent of the total net payroll addition during the current financial year 2020-21 (from April to November 2020) across all the age groups, the Ministry added.

The Ministry further stated that category-wise analysis of industry indicates 'expert services' category (which primarily includes manpower agencies, private security agencies and small contractors) continues to be the best performer by contributing a combined payroll of 23.45 lakh during the current financial year across all age groups.

"This constitutes approximately 60 per cent of the net new payroll for the top ten industry categories for the same period. However, performance in other industry classification such as building and construction industry, engineers-engineering contractors; electrical, mechcal or general engineering products indicates that recovery has started picking up in other sectors as well," the Ministry added.

Gender-wise analysis for the month of November 2020 shows that the share of females in new enrolment has increased from 21.64% in October 2020 to 22.40% in November 2020. Out of total 6.41 lakh net subscribers joined the EPF Scheme in the month of November 2020, total of 1.43 lakh were female workforce.

( With inputs from ANI )