EPFO adds 8.47 lakh subscribers in April-June
Labour and Employment Ministry has said that the subscriber base of Employees' Provident Fund Organization (EPFO) has increased by around 8.47 lakh members during the first quarter of this financial year 2020-21 (FY21)
Labour and Employment Ministry has said that the subscriber base of Employees' Provident Fund Organization (EPFO) has increased by around 8.47 lakh members during the first quarter of this financial year 2020-21 (FY21).
The COVID-19 pandemic outbreak had adversely affected the enrolments in April and May 2020. The subscriber base growth is on account of the increased number of new subscribers, lower exits and higher rejoining by exited members.
The Ministry said, despite the lockdown, around 20,000 new subscribers were added to social security schemes of EPFO in April and 1.72 lakh in May 2020. The month of June has seen speedy recovery with the addition of 6.55 lakh net subscribers.
The Ministry said, the new subscriber base has increased roughly by 64 per cent from 3.03 lakh in May to 4.98 lakh in June this year. Besides, the exits from the EPFO subscriber base declined by nearly 33 per cent from 4.45 lakh in May to 2.96 lakh in June 2020.
The number of members who exited and then rejoined is indicating that the subscribers have switched their jobs to establishments that are covered by EPFO. This has also increased by approximately 44 per cent for June over May with more subscribers choosing to retain membership by transferring funds rather than opting for final settlement.
Women Enrolment data showed that there is an improvement in the figures. While 37085 women joined the EPFO in April, it rose to 1.06 lakhs in June in absolute terms, even though the overall female participation in the workforce remains low.