EPFO added 13.36 lakh net subscribers during January 2021, as per the latest provisional payroll data. The Ministry of Labour & Employment said that despite the COVID-19 pandemic, EPFO added around 62.49 lakh subscribers during the current financial year.
From the total net subscribers, 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 and subscribers choosing to retain membership by transferring funds rather than opting for final settlement.
According to the ministry, the data reflects a growth of 24% for January 2021 over December 2020. A year-on-year comparison of payroll data indicates an increase of 27.79% in net subscribers’ as compared to the corresponding period last year, indicating a return to the pre-Covid levels of subscriber growth for EPFO.
Further, the ministry said that the growing trend in EPFO payroll numbers and the accelerated expansion of the subscription base may partly be attributed to recent e-initiatives taken by EPFO for seamless and uninterrupted service delivery in addition to the policy support for the formalization of the economy through ABRY, PMGKY and PMRPY schemes of Government of India, amid COVID -19 pandemic.
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( With inputs from indiainfoline)