20 lakh enrol in EPFO in first 5 months of FY21

NEW DELHI: Nearly 20 lakh people enrolled with the employees provident fund organisation in the first five months of the current fiscal, the provisional payroll data published by EPFO said on Tuesday.
The enrolment rate, which dropped in the first quarter due to lockdown picked up pace again during July and August 2020. In a statement issued on Tuesday, the labour ministry said 7.49 lakh net new subscribers were added to the pension fund in July this year, accounting for 64% of the additions made in July 2019. In August, the figures improved to roughly 93% in comparison to last year.
August 2020 also saw a 34% month-on-month jump in enrolment data over July when subscription figures jumped from 6.48 lakh to 6.70 lakh in August. In the corresponding period, fewer subscribers exited EPFO, with exit rates dipping by 50% — from 5.08 lakh in July to 2.46 lakh in August 2020.
August 2020 also saw the maximum new additions between the age group of 22 and 25 years, followed by the 18 and 21 age bracket. “The 18-25 age-group have shown strong revival by contributing almost 51% of the new subscribers,” EPFO said.
Maharashtra, Tamil Nadu, Gujarat, Karnataka and Haryana led enrolment recovery cycle, adding 57% of the 21.40 lakh net new subscribers during June, July and August. Provisional EPFO data also suggested that ‘expert services’, comprising small contractors, private security agencies, and manpower companies, contributed a combined net payroll figure of 11.20 lakh for months between June and August.

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