epfo: EPFO adds 14.81 lakh new subscribers in August, registers 12.6% growth over July

NEW DELHI: Retirement fund body EPFO added 14.81 lakh subscribers in August 2021, reflecting a growth in net payroll for the first five months of the fiscal, the labour ministry said on Wednesday. For the month of August, the net subscriber addition increased by 12.61% in comparison to July 2021. Of the total 14.81 lakh net subscribers, around 9.19 lakh members have come under the social security ambit of EPFO for the first time. Around 5.62 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of the EPF and MP Act, 1952. Subscribers opted to continue their membership with EPFO by transferring their funds from previous job to the current PF account instead of applying for final withdrawal. The ministry also conducted an age-wise comparison of payroll data which shows workers between the age of 22 and 25 accounted for the highest number of net enrolments followed by the 18-21 years, which was interpreted as first-time job seekers joining the organised sector workforce. State-wise comparison of payroll figures and establishments showed that in Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka were in lead by adding approximately 8.95 lakh subscribers, contributing to 60.45% of the total net payroll addition across all age groups. The August data, the ministry said also showed an increase in female subscribers of about 10% when compared to July 2021. On Wednesday, Union labour and employment minister Bhupender Yadav also launched the revamped logo of Chief Labour Commissioner (Central). Yadav said the government under the leadership of Prime Minister Narendra Modi is ensuring gender justice and ease of living as well as ease of doing business. “The new codes provide additional responsibility of the officials as facilitator to get compliance of the law by educating the employers and bring the awareness among the workers about the welfare, safety and health provision provided in the new Codes,” said Yadav. Now, IT-enabled system will help the employers in compliance with the law electronically. The CLC logo has been revamped to reflect clear mandate of the organisation.

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