EPFO adds 14.12 lakh net subscribers in Feb: Govt

Employees' Provident Fund Organisation (EPFO) has added 14.12 lakh net subscribers in the month of February, stated the provisional payroll data of EPFO on Tuesday. The month-on-month comparison of payroll data reflects an increase of 31,826 net subscriber addition compared to the previous month of January, the Ministry of Labour and Employment said in a statement.

Further, the year-on-year comparison shows that there was a rise of 1,74,314 net additions during February this year as compared to net subscriber addition in corresponding month of 2021. There is consistent increase in the net subscriber addition since October, 2021 showcasing trust in the services rendered by the organisation, the ministry added.

Out of the total 14.12 lakh net subscribers added during the month, around 8.41 lakh new members are enrolled under the social security cover of EPF & MP Act, 1952 for the first time. Over 5.71 lakh net subscribers had exited but re-joined EPFO by transferring their accumulations from previous PF account to the current PF account, instead of claiming for final withdrawal, the ministry added.

Gender-wise analysis indicates that net female payroll addition during February was approximately 3.10 lakh. Share of female enrolment is 21.95% of the total net subscriber addition during the month of February, 2022 with an increase of 22,402 net enrolments over the previous month of January 2022.

Industry-wise payroll data indicates that mainly two categories, i.e. ‘Expert Services’ (consisting of manpower agencies, private security agencies and small contractors etc.) and ‘Trading-Commercial establishments’ constitute 47.28% of total subscriber addition during the month.  

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