EPFO: Net new enrollments rise by 24% to 13.36 lakh in January

Net new enrollments under the retirement fund body Employees Provident Fund Organisation grew by 24 percent to 13.36 lakh in January month on month.

While the year-on-year comparison of payroll data indicates an increase of 27.79 percent in net subscribers’ as compared to the corresponding period last year, indicating a return to the pre-Covid levels of subscriber growth for EPFO.

Of the 13.36 lakh net subscribers added during the month of January 2021, around 8.20 lakh new members will receive the benefit of EPFO’s social security schemes for the first time. Around 5.16 lakh net subscribers exited and then rejoined EPFO indicating switching of jobs by the subscribers within the establishments covered by EPFO, labour ministry stated.

Net payroll addition data reflects that the number of members exiting EPFO has been declining  continuously after the peaking in June 2020, during current financial year. This trend indicates that the adverse impact of COVID- 19 on members' exit from EPFO has gradually dissipated, it added.

Further, states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka continue to lead in employment generation by adding  34.24 lakh net subscribers out of 62.49 lakh during the current financial year across all the age-groups.

Gender-wise analysis shows that 2.61 lakh net female subscribers were added in the month of January, 2021 showing an increase of approximately 30% over the previous month of December, 2020.

Industry-wise analysis indicates that the ‘expert services’ category  continues to be the best performer with 5.65 lakh net payroll addition during January 2021 .

Among top 10 industry classification Computer and IT services category along with Electrical, Mechanical or General Engineering Products category registered highest month-on-month  growth of around 40 percent as compared to previous month with 42,205 and  77,392 net additions for January 2021 respectively.