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EPFO net subscribers rise 56% to 11.55 lakh in October this year

EPFO net subscribers rise 56% to 11.55 lakh in October this year
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EPFO net subscribers rise 56% to 11.55 lakh in October this year

Highlights

The provisional payroll data of EPFO was released yesterday.

The provisional payroll data of EPFO was released yesterday. It reveals that EPFO has added 11.55 lakh net subscribers in October 2020. Despite the COVID-19 pandemic, EPFO has added around 39.33 lakh subscribers during the current financial year from April to October 2020. The data published comprises of members who have joined during the month and whose contribution has been received by EPFO for the wage month.

Year-on-year (YoY) comparison shows that October 2020 has registered a healthy 56 per cent growth in terms of net payroll addition as compared to net subscriber growth of 7.39 lakh registered during October last year, indicating robust recovery to pre COVID-19 levels.

In October 2020, around 7.15 lakh new members have joined EPFO and approximately 2.40 lakh members exited. Roughly 6.80 lakh members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement. Exited members rejoining also indicate that workers are returning to their jobs with decline in active COVID-19 cases in India.

As has been historically the case, the maximum number of net subscriber additions for October this year has been from the 18-25 age-bracket, possibly due to the nature of the demographic profile in India. The 18-25 age-group members can be considered as fresh hands in the labour market and have contributed around 50 per cent of the net subscriber additions for October 2020.

State-wise comparison of payroll figures shows that Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana continue to remain at the forefront of the employment recovery cycle adding approximately 53 per cent of total net payroll addition in the first seven months period of current Financial Year from April to October 2020, across all the age groups.

Category-wise analysis of industry indicates that expert services category has continued its recovery, adding 60 per cent of the net payroll during the current financial year. However, performance in other industry classification such as building and construction, trading-commercial establishments, engineers and engineering contractors and electrical, mechanical and general engineering products indicate that recovery has started picking up in other sectors as well.

The gender-wise analysis shows that around 2.08 lakh net female subscribers were added during October 2020. Women contributed around 21 per cent of the new subscribers for October 2020.

EPFO is a social security organisation providing various services to the members covered under the purview of EPF and MP Act, 1952 including therein provident fund, pension on retirement and family pension or insurance in case of the untimely death of the member. The payroll data is provisional since updating of employee records is a continuous process and accordingly gets d on a month on month basis.

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