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EPFO enrolments rise 56% to 11.55 lakh net new subscribers in October

By TIOL News Service

NEW DELHI, DEC 21, 2020: THE Employees' Provident Fund Organisation (EPFO) payroll data showed net new enrolments rose by 56% to 11.55 lakh in October compared to 7.39 lakh registered in the same month last year, indicating a robust recovery to pre-COVID-19 levels.

Providing a perspective on formal sector employment in the ongoing pandemic, the retirement fund body has added around 39.33 lakh subscribers in the current financial year till October, the Ministry of Labour and Employment said on Sunday.

The net payroll data however, registered a slight dip in October from September when net new enrolments stood at 14.9 lakh.

While 7.15 lakh new members joined the EPFO in October, approximately 2.4 lakh exited while 6.8 lakh exited and then re-joined, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement. Exited members re-joining also indicate that workers are returning to their jobs with decline in active COVID-19 cases in India.

The maximum number of net subscriber, 50%, additions were in the 18-25 age range, who can be considered as fresh hands in the labour market. A gender-wise analysis shows that around 2.08 lakh net female subscribers were added in October, contributing around 21% of the new subscribers for the month.

A state-wise comparison shows that Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana continue to remain at the forefront of the employment recovery cycle adding approximately 53% of total net payroll addition in the current fiscal across all groups.

A category-wise analysis of industry indicates that expert services category has continued its recovery, adding 60% of the net payroll during the current financial year. However, it stated that performance in other industry classification such as building and construction, trading-commercial establishments, engineers and engineering products indicate that recovery has started picking up in other sectors as well.


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