EPFO adds 10.11 lakh net subscribers in November 2020

Provisional data released by the Employees' Provident Fund Organisation (EPFO) on Wednesday showed 10.11 lakh net subscribers in November, 2020.

The pension fund body stated that 6.41 lakh new members have joined EPFO and roughly 3.70 lakh net members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO.

Exited members rejoining also indicate that workers are returning to their jobs with decline in active Covid-19 cases in India, EPFO said.

Age-wise analysis indicates that during November 2020, the age-bracket of 22-25 has registered highest growth in subscriber base with around 2.72 lakh net enrollments. This was followed by 18-21 age-bracket with around 2.21 lakh net enrollments. The 18-25 age-group members can be considered as fresh hands in the labour market and have contributed roughly 48.72 percent of the new subscriber additions for November, 2020, the pension fund body said.

Across the States, comparison of payroll figures reveals that states of Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka continue to remain at the forefront of the employment recovery cycle with adding approximately 53 percent of the total net payroll addition during the current financial year 2020-21 (from April to November, 2020) across all the age groups.

Gender-wise analysis for the month of November 2020 shows that the share of females in new enrolment has increased from 21.64 percent in October, 2020 to 22.40 percent in November, 2020, as per the November payroll data.

Out of total 6.41 lakh net subscribers joined the EPF Scheme in November, 2020, total 1.43 lakh were female workforce.

Age-wise analysis indicated that maximum numbers of new additions during November 2020 were from the  22-25 age bracket with  2.72 lakh net enrollments., followed by followed by 18-21 age-bracket with 2.21 lakh net enrollments.

Despite the Covid-19 pandemic, EPFO has added around 45.29 lakh net subscribers base in the current financial year (from April to November, 2020), the fund body said.