: EPFO adds 12.76 lakh net subscribers during April 2021 #FinanceIndia #StockMarketNEWS EPFO adds 12. 76 lakh net subscribers during April 2021 New Delhi, Jun 21 (KNN) Retirement fund body Employees

@StockMarketNEWS Tue 22 Jun, 2021

Posted in: #FinanceIndia #StockMarketNEWS

EPFO adds 12.76 lakh net subscribers during April 2021 #FinanceIndia #StockMarketNEWS
EPFO adds 12. 76 lakh net subscribers during April 2021 New Delhi, Jun 21 (KNN) Retirement fund body Employees Provident Fund Organisation (EPFO) has added 12. 76 lakh net subscribers during April 2021.

According to the provisional payroll data issued by EPFO on Sunday, April 2021 registered an increase of 13. 73 per cent net subscriber addition as compared to the previous month, during which around 11. 22 lakh net subscribers were added to the payroll.

Of the 12. 76 lakh net subscribers added during the month, around 6. 89 lakh new members have come into the social security coverage of EPFO for the first time. Around 5. 86 lakh net subscribers exited and then re-joined EPFO by changing their jobs within the establishments covered by EPFO and choose to retain membership through transfer of funds rather than opting for final settlement, the Ministry of Labour & Employment said in statement.

State-wise comparison of payroll figures shows that establishments registered with the states of Maharashtra, Haryana, Gujarat, Tamilnadu and Karnataka to remain in forefront by adding approximately 7. 58 lakh subscribers during the month, which is around 59. 41 per cent of total net payroll addition across all age groups.

The North Eastern (NE) states have shown above average growth in terms of net subscribers’ addition as compared with previous month.

Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered highest number of net enrolments with around 3. 27 lakh additions during the month of April, 2021. This is followed by age-group of 29-35 with around 2. 72 lakh net enrolments. The members of 18-25 age-groups, usually first timers in the job market, have contributed around 43. 35 per cent of total net subscriber additions in April, 2021.

Gender-wise analysis indicates that the share of female’s enrolment is approximately 22 per cent of total net subscriber’s addition during the month. Month-on-month analysis reveals an increasing trend in net female subscribers by adding 2. 81 lakh enrolments during April, 2021 which was 2. 42 lakh during March, 2021. In addition to this, number of female subscribers who have come under the ambit of EPFO for the first time, has also increased to 1. 90 lakh in April, 2021 from 1. 84 lakh in March, 2021.

Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc. ) constitutes 45 per cent of total subscribers’ addition during the month.

In addition, industries involved in making plastic products, beedi, schools, banks and establishments related to iron & steel sectors have also registered above average growth in terms of net addition of subscribers during the of April, 2021 as compared to the previous month of March, 2021, it said.