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EPFO Records Addition Of 11.22 Lakh Net Subscribers In March

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The provisional payroll data of EPFO has been published on 20th May, 2021 highlights that EPFO has added around 11.22 lakh net subscribers in the month of March, 2021. Despite Covid-19 pandemic, cumulative net payroll addition for FY 2021 is almost at par with last year, with 77.08 lakh net additions to subscribers base. Quarterly analysis of payroll for the FY 2020-21 indicates that net subscribers addition improved consistently from 2nd quarter after taking hit in the 1st quarter due to crisis of Covid19 pandemic. Maximum improvement of 33.64 lakh net subscribers was observed during the 4th quarter (Jan-March, 2021) with a growth of 37.44% as compared to the third quarter (Oct-Dec, 2020).

Of the 11.22 lakh net subscribers added during the month of March 2021, around 7.16 lakh new members have come into the social security ambit of EPFO for the first time. Around 4.06 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 number of new subscribers is based on the Universal Account Number (UAN) generated in the system and has received non-zero subscription.

Age wise data of payroll shows that the age-group of 22-25 has registered highest number of net enrollments with around 3.14 lakh net subscribers addition in the month of March, 2021. This is followed by age-group of 18-21 with around 2.29 lakh net enrollments. The members of 18-25 age-groups have contributed around 48.44 % of the net subscriber additions in March 2021. Members of these age-groups are considered as fresh hands in the market and signifies a crucial stage for an individual's potential in terms of earning capacity.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, May 21 2021. 11:45 IST