EPFO adds around 14.65 lakh net subscribers during July this year

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. Around 5.63 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered by EPFO.

Data also reflects that during July 2021, the number of members who have joined EPFO for the first time has increased by 6 percent, members who re-joining has increased by around 9 percent while members who exited have decreased by 36.84 percent as compared with the previous month.

Age-wise comparison of payroll data shows that the age group of 22 to 25 years has registered the highest number of net enrolments with 3.88 lakh additions during the month of July. This is followed by age group of 18-21 with around 3.27 lakh net enrolments.

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 percent of total net payroll addition across all age groups.

Gender-wise analysis indicates that the share of female enrolment is approximately 20.56 percent of the total net subscriber addition during the month. The net addition of female subscribers increased to 3.01 lakh during July this year as compared to 2.18 lakh in June 2021. This is largely due to lower female member exits and higher new joining during the month.

Industry-wise payroll data indicates that the expert services category consisting of manpower agencies, private security agencies and small contractors, etc. constitutes 41.62 percent of 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 and construction, textiles, garment making, hospitals and financing establishments.

EPFO provides provident funds, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of the untimely death of the member.