EPFO adds 14.65 lakh net subscribers in July

The Employees’ Provident Fund Organisation (EPFO) added 14.65 lakh net subscribers in July, an increase from the 11.16 lakh net additions in June, according to the provisional payroll data published on Monday.

In a statement, the Labour and Employment Ministry said of the total addition, 9.02 lakh members had joined the EPFO for the first time.

“Around 5.63 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered by EPFO. This shows that majority of subscribers opted to continue their membership with EPFO, by transferring their past accumulations from previous job to the current PF account rather than applying for final withdrawal,” the statement read.

With 3.88 lakh new subscribers from the 22 to 25 years age bracket and 3.27 lakh in the 18 to 21 years age group, the Ministry said this pointed towards first-time job-seekers joining the workforce in large numbers.

Over 62% of the net addition came from Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka, it said.

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Printable version | Oct 21, 2021 12:42:30 AM |

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