EPFO adds 12.76 lakh net new subscribers in April, an increase of 13.73 pc

Net new enrolments with retirement fund body Employees' Provident Fund Organisation (EPFO) increased by 13.73 per cent to 12.76 lakh in April from 11.22 lakh in March this year, according to payroll data released on Sunday.

The Ministry of Labour and Employment in a release said that despite the second wave of COVID-19 pandemic, April 2021 registered an increase of 13.73 percent net subscribers addition as compared to the previous month during which around 11.22 lakh net subscribers were added to the payroll. Data reflects that the number of exits in the month of April 2021 have declined by 87,821 and rejoining has increased by 92,864 subscribers as compared to March 2021.

Of the 12.76 lakh net subscribers added during the month, around 6.89 lakh new members have come into the social security coverage of EPFO for the first time. Around 5.86 lakh net subscribers exited and then rejoined EPFO by changing their jobs within the establishments covered by EPFO and choose to retain membership through the transfer of funds rather than opting for a final settlement.

Age-wise comparison of payroll data shows that the age group of 22-25 years has registered the highest number of net enrollments with around 3.27 lakh additions during the month of April 2021. This is followed by the age group of 29-35 with around 2.72 lakh net enrollments. The members of 18-25 age groups, usually first-timers in the job market, have contributed around 43.35 percent of total net subscriber additions in April, 2021.

State-wise comparison of payroll figures shows that establishments registered with the states of Maharashtra, Haryana, Gujarat, Tamilnadu and Karnataka to remain in the forefront by adding approximately 7.58 lakh subscribers during the month, which is around 59.41 percent of total net payroll addition across all age groups.

The North Eastern (NE) states have shown above-average growth in terms of net subscribers addition as compared with the previous month.

Gender-wise analysis indicates that the share of the female's enrollment is approximately 22 percent of total net subscribers added during the month. Month-on-month analysis reveals an increasing trend in net female subscribers by adding 2.81 lakh enrollments during April 2021 which was 2.42 lakh during March 2021. In addition to this, the number of female subscribers who have come under the ambit of EPFO for the first time has also increased to 1.90 lakh in April 2021 from 1.84 lakh in March 2021.

Industry-wise payroll data indicates that the 'expert services' category (consisting of manpower agencies, private security agencies and small contractors, etc.) constitutes 45 per cent of total subscribers addition during the month. In addition, industries involved in making plastic products, beedi, schools, banks and establishments related to iron and steel sectors have also registered above-average growth in terms of net addition of subscribers during April 2021 as compared to the previous month of March 2021.

The payroll data is provisional since the data generation is a continuous exercise as updation of employee records is a continuous process. The previous data hence gets updated every month. Since April 2018 EPFO has been releasing payroll data covering the period September 2017 onwards.

( With inputs from ANI )