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EPFO adds 1.39 crore subscribers in last two fiscals

Net addition to the subscriber base surged from 61.12 lakh added in FY19 to 78.58 lakh in FY20, a 28 per cent growth

twitter-logoBusinessToday.In | June 22, 2020 | Updated 19:18 IST
EPFO adds 1.39 crore subscribers in last two fiscals
Employees Provident Fund Organisation (EPFO)

The Employees Provident Fund Organisation (EPFO) has added 1.39 crore new subscribers in the previous two financial years. Net addition to the subscriber base surged from 61.12 lakh added in FY19 to 78.58 lakh in FY20, a 28 per cent growth. "Recently published provisional payroll data by the EPFO highlights the ever growing trend of increasing subscriber base for EPFO, since the collation of payroll data from September 2017,"  the Ministry of Labour & Employment said on Monday. The payroll data presents the consolidated annual figures for FY19 and FY20.

The data published comprises all the new members who have joined during the month and whose contribution is received. The subscriber growth is on account of lower exits and higher rejoining by exited members, the ministry said. The tax-free returns of 8.5 per cent for 2019-20, which is one of the highest among other social security instruments and fixed deposits, has helped the EPFO reduce its exits for 2019-20 by around 10 per cent as against the previous year, it further added.

The Labour Ministry also said that there has been an increase of around 75 per cent in terms of rejoining by the members exited from 43.78 lakh in 2018-19 to 78.15 lakh in 2019-20. The data published indicates that a total of 1.13 lakh new establishments have commenced compliance for the first time during 2018-19 and 2019-10. "Enrolment of female workers has gone up by around 22 per cent during 2019-20 compared to previous years indicating greater female participation in the formal workforce," it added.

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