EPFO Net New Subscribers Increase Over 19 Per Cent To 12.37 Lakh In February: Labour Ministry
The Employees' Provident Fund Organisation (EPFO) added over 12 lakh net subscribers in the month of February, according to the government's data.
The provisional payroll data of EPFO, which was published on 20 April 2021, highlights a growing trend with the addition of 12.37 lakh net subscribers during the month of February, the Labour Ministry said on Tuesday (20 April).
Despite COVID-19 pandemic, EPFO has added around 69.58 lakh net subscribers during the current financial year, the ministry said in a statement.
"The data reflects growth of 3.52 per cent in net subscribers addition in February, 2021 over January, 2021. Year-on-year comparison of payroll data indicates an increase of 19.63 per cent in net subscribers as compared to the corresponding period in February 2020," the ministry added.
According to the ministry, the growth may partly be attributed to various e-initiatives taken by EPFO for seamless and uninterrupted service delivery in addition to the policy support for the formalisation of the economy through ABRY, PMGKY and PMRPY schemes of government amid COVID-19 pandemic.
Of the 12.37 lakh net subscribers added during the month of February 2021, around 7.56 lakh new members have come into the social security ambit of EPFO for the first time.
Around 4.81 lakh net subscribers exited and then rejoined EPFO by switching their jobs within the establishments covered by EPFO and choosing to retain membership through transfer of funds rather than opting for final settlement.
The data of exited members is based on the claims submitted by the individuals/establishments and the exit data uploaded by employers, whereas number of new subscribers is based on the Universal Account Number (UAN) generated in the system and has received non-zero subscription, the ministry said.
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