At 16.8L, EPFO net subscribers grow by 83% from last year

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Web Story by - Marathiwiki

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Retirement fund body EPFO added 16.8 lakh new subscribers in May, nearly 83% more than 9.2 lakh enrolled in the corresponding period a year ago, official data released by the labour ministry on Wednesday said.

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New enrolments during the month is higher than the monthly average during the last fiscal.

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The provisional payroll data of EPFO showed an increase of 7.6 lakh net subscribers in May as compared to the net subscription in May, 2021.

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Out of the total 16.8 lakh subscribers added during May this year, nearly 9.60 lakh members have been covered under the ambit of EPF & MP Act, 1952.

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According to the data, 7.21 lakh net subscribers also exited the retirement fund, but rejoined EPFO after changing their jobs within EPFO-covered establishments and transferred their funds internally, instead of applying for final PF withdrawal.

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Age-wise comparison of payroll data indicates that the age-group of 22-25 years has registered the highest number of net enrolments with 4.33 lakh additions in May

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which points to first-time job seekers joining the organised sector workforce.

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