EPFO Updates: The Employees’ Provident Fund Organisation added 16.8 lakh new subscribers in May, increasing enrollment by nearly 83%. In the corresponding period a year ago, the total subscribers were about 9.2 lakh.
Thus, new enrolments during the month are higher than the monthly average during the last fiscal.
According to a release by the Ministry of Labour, provisional payroll data of the EPFO revealed an increase of 7.6 lakh net subscribers in May compared to the net subscription in May 2021.
Nearly 9.6 lakh subscribers out of the 16.8 lakh added this May, have been covered under the ambit of EPF & MP Act, 1952.
However, despite the yearly increase, new subscribers under the social security schemes run by EPFO fell by a little over 2% to 0.96 million in May from 0.98 million in April this year.
According to reports, 7.21 lakh net subscribers also exited the retirement fund, but rejoined EPFO after changing their jobs within EPFO-covered establishments and transferred their funds internally, instead of applying for final PF withdrawal.
There is also the hopeful fact that data shows that the age group of 22-25 years has registered the highest number of net enrolments with 4.33 lakh additions in May, which implies that first-time job seekers are joining the organised sector workforce.