EPFO added 77.08 lakh net subscribers during FY 2020-21

New Delhi, May 21 (KNN) The Employees Provident Fund Organisation (EPFO) has added around 11.22 lakh net subscribers in March 2021, taking the total net additions in financial year 2020-2021 to 77.08 lakh.

“Despite the COVID-19 pandemic, cumulative net payroll addition for FY 2021 is almost at par with last year, with 77.08 lakh net additions to the subscriber base. Quarterly analysis of payroll for the FY 2020-21 indicates that net subscribers addition improved consistently from the second quarter after taking a hit in the first quarter due to the COVID-9 pandemic,” the EPFO in a statement on Thursday.

It further said that 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.

According to EPFO payroll data, the age-group of 22-25 has registered the highest number of net enrolments with around 3.14 lakh net subscribers added in the month of March, 2021.

“This is followed by the age group of 18-21 with around 2.29 lakh net enrolments. The members of 18-25 age groups have contributed around 48.44 per cent 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,” it added.

The industries that contributed to the additions were iron ore mines, courier services, restaurants, road motor transport, petroleum and natural gas refining, iron and steel and establishments involved in manufacture, marketing and usage of computers, the EPFO said.