EPFO added 15.48 lakh net members during February: Govt
A noticeable aspect of the EPFO data is the dominance of the 18-25 age group which constitutes a significant 56.36 per cent of the total new members.
latest EPFO data has revealed that the EPF Scheme has added around 14.65 lakh net subscribers during July 2021.
The data highlights a growing trend in net payroll additions for the last four months. In July 2021, the net subscriber addition has increased by 31.28 per cent as compared to the previous month of June 2021, when the total additions were 11.16 lakh.
Of the total 14.65 lakh net subscribers, around 9.02 lakh new members have come under the social security umbrella of EPFO for the first time.
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Around 5.63 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered by EPFO.
This shows that a majority of subscribers opted to continue their membership with EPFO, by transferring their past accumulations from their previous job to the current PF account rather than applying for final withdrawal.
Data also reflects that during July 2021, the number of members who have joined EPFO for the first time had increased by six per cent, the number of members who re-joined increased by around nine per cent, while the members who exited, their number had decreased by 36.84 per cent as compared with the previous month.
A State-wise comparison of payroll figures highlights that the establishments covered in the States of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in lead by adding approximately 9.17 lakh subscribers during the month, which is around 62.62 per cent of the total net payroll addition across all age groups.
Industry-wise payroll data indicates that the ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 41.62 per cent of the total subscriber addition during the month.
Apart from this, a growing trend in net payroll additions has been noted in industries like trading-commercial establishments, engineering products, building & construction, textiles, garment
making, hospitals and financing establishments.
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