As per the recent payroll data, the net new enrollment concerning Employees’ Provident Fund Organisation (EPFO) increased 28% to 13.36 lakh in January 2021 compared to January 2020.
According to EPFO’s provisional payroll data, the subscriber base has witnessed net subscribers by 13.36 lakh during January 2021. As per the data, there has been a growth of 24% in January 2021 versus December 2020.
Despite the COVID-19 pandemic, about 62.49 lakh subscribers have been added to EPFO in the initial ten months of the current fiscal year. When the payroll data is compared on a year-on-year basis, it indicates an increase in net subscribers by 27.79% compared to the subsequent period last year.
As per the latest data, in April, the net new enrolments stood at a negative zone, i.e. (-) 2,55,559; in February, it stood at (-) 2,35,911. This translates to the number of members exiting the EPFO subscription more than those who either joined or rejoined the scheme.
As per the labour ministry statement, 13.36 lakh net subscribers were added in January 2021. About 8.20 lakh new members will get the EPFO’s social security scheme’s benefit for the first time.
As per the age-wise breakup, in January 2021, within the age group of 22 to 25 years, there was a consistent growth in the subscriber base with about 3.48 lakh net enrolments. This age group could be referred to as freshers in the job market. This is followed by 29 to 35 years with about 2.69 lakh net enrolments; this group can be referred to as experienced workers who switched jobs for their career growth and chose to be with EPFO.
EPFO takes care of social security funds concerning workers in both organised and semi-organised sectors in India. As per the gender-wise breakup, around 2.61 lakh net female subscribers got added in January 202, depicting an approximate increase of 30% over the last month.
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