EPFO adds 12.83 lakh net subscribers in June, 2021

Insight Online News

New Delhi, Aug 21 : The Employees’ Provident Funds Organization (EPFO) has added 12.83 lakh net subscribers in the month of June, officials said on Saturday.

“Month-on-month analysis reveals an increase of 5.09 lakh additions in net subscribers during June 2021 as compared to the previous the month of May 2021. Of the total 12.83 lakh net subscribers added during the month, around 8.11 lakh new members have come under the social security coverage of Employees’ Provident Funds Scheme for the first time,” the EPFO said in its provisional payroll data on Friday.

EPFO is country’s principal organization responsible to provide provident fund, pension benefits to the members on their retirement and family pension & insurance benefits to their families in case of untimely death of the member.

It said, the impact of the second wave of COVID-19 pandemic waned during June 2021, leading to tremendous growth in net payroll additions as compared to April and May 2021.

“During the month, around 4.73 lakh net subscribers exited but re-joined EPFO by changing jobs within the establishments covered by EPFO,” a statement read.

“This shows that majority of subscribers opted to continue their membership with EPFO, using transferring of funds from previous job to the current PF account rather than applying for final withdrawal of their PF accumulations,” it added.

Regarding age-wise comparison of payroll data, the EPFO suggested that the age-group of 18-25 years has registered highest number of net enrolments with around 6.15 lakh additions, which is 47.89 per cent of total net additions during the month of June, 2021.

On the Gender-wise analysis, it indicates that net female addition during the month stood at 2.56 lakh, which is around 0.79 lakh more than those added during May 2021.

UNIINDIA

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