EPFO adds 12.37 lakh net subscribers in the month of Feb 2021

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EPFO adds 12.37 lakh net subscribers in the month of Feb 2021
Of the 12.37 lakh net subscribers added during the month of February 2021, around 7.56 lakh new members have come into the social security ambit of EPFO for the first time.

69.58 lakh net subscribers added till February during the current financial year

The provisional payroll data of EPFO has been published on 20th April 2021 highlights a growing trend with the addition of 12.37 lakh net subscribers during the month of February 2021. Despite the COVID-19 pandemic, EPFO has added around 69.58 lakh net subscribers during the current financial year.

The data reflects growth of 3.52% in net subscribers addition in February 2021 over January 2021. A year-on-year comparison of payroll data indicates an increase of 19.63% in net subscribers as compared to the corresponding period in February 2020.

The growth may partly be attributed to various e-initiatives taken by EPFO for seamless and uninterrupted service delivery in addition to the policy support for the formalization of the economy through ABRY, PMGKY, and PMRPY schemes of Government of India, amid the COVID -19 pandemic.

Of the 12.37 lakh net subscribers added during the month of February 2021, around 7.56 lakh new members have come into the social security ambit of EPFO for the first time.

Around 4.81 lakh net subscribers exited and then rejoined EPFO by switching their jobs within the establishments covered by EPFO and choosing to retain membership through transfer of funds rather than opting for final settlement.

The data of exited members is based on the claims submitted by the individuals/establishments and the exit data uploaded by employers, whereas the number of new subscribers is based on the Universal Account Number (UAN) generated in the system and has received non-zero subscription.

Age-wise analysis indicates that during February 2021, the age bracket of 22-25 has registered highest number of net enrollments with around 3.29 lakh net subscribers addition. This is followed by an age bracket of 29-35 with around 2.51 lakh net enrollments. This age group can be considered as experienced workers who changed jobs for career growth and opted to be with EPFO.

Category-wise analysis of industries reflects dominance of ‘expert services’ category with overall additions of 4.99 lakh net payroll additions in February 2021, followed by ‘Trading-commercial establishments’ category, contributing around 84,000 subscribers.

Pan India comparison shows that states of Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka are in forefront of net payroll addition. These five states contributed 54.81% of the total net subscribers’ additions across all the age groups by adding 38.14 lakh net subscribers during the current financial year.

The gender-wise analysis reflects the addition of around 2.60 lakh net female subscribers in the month of February 2021 which is 21% of total net addition during the month. The month-on-month comparison indicates an increase of approximately 12.74% over the previous month of January 2020.

During the difficult time of Covid19 pandemic, EPFO is committed to provide a helping hand to all its stakeholders and reaffirms its vision to be an innovation driven social security organisation aiming to ensure Nirbadh-Seamless and uninterrupted service delivery.

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