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EPFO added over 15 lakh subscribers during September

The net subscriber additions have increased by 1.81 lakh as compared to the previous month of August when it was 13.60 lakh.

SNS | New Delhi |

EPFO has added around 15.41 lakh net subscribers during the month of September, according to the provisional payroll data of EPFO released today.

The net subscriber additions have increased by 1.81 lakh as compared to the previous month of August when it was 13.60 lakh.

Out of the total 15.41 lakh net subscribers, around 8.95 lakh new members have been registered under the provisions of EPF & MP Act, 1952 for the first time.

Around 6.46 lakh net subscribers excited but rejoined EPFO by changing jobs within the establishments covered under the purview of EPF & MP Act, 1952, thereby opting to continue their membership with EPFO by transferring their funds instead of opting for final withdrawal.

Age-wise comparison of payroll data shows that the age group of 22-25 years has registered the highest number of net enrolments with 4.12 lakh additions during September. This is followed by the age group of 18-21 with around 3.18 lakh net enrolments. This indicates that many first-time job seekers are joining organised sector workforce in large numbers and have contributed around 47.39 per cent of the total net subscriber additions in September.

State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka were in the lead by adding approximately 9.41 lakh subscribers during the month, which is around 61 percent of the total net payroll addition across all age groups.

Gender-wise analysis indicates that the net share of female enrolment during the month is around 3.27 lakh. Month on month comparison shows that the net addition of female subscribers has increased roughly by 0.60 lakh during the month of September in comparison to the previous month of August when 2.67 lakh net subscribers were added into the payroll. This is largely due to lower female member exits during the month.