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Of the total 12.83 lakh net subscribers added in June, around 8.11 lakh have come under the social security coverage of EPF scheme for the first time
Retirement fund body EPFO recorded net new enrolments of 12.83 lakh in June, giving an employment perspective in the country. The provisional payroll data of EPFO (Employees’ Provident Fund Organization) released on Friday highlights a growing trend with 12.83 lakh net payroll additions during June 2021, a labour ministry statement said.
The impact of second wave of Covid-19 waned during June, leading to tremendous growth in net payroll additions as compared to April and May, it said.
As compared to May, there was an increase of 5.09 lakh additions in net subscribers in June, it added. Of the total 12.83 lakh net subscribers added in June, around 8.11 lakh have come under the social security coverage of Employees’ Provident Fund scheme for the first time.
During the month, around 4.73 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered by EPFO.
This shows that majority of subscribers opted to continue their membership with EPFO, using transferring of funds from previous job to the current PF account rather than applying for final withdrawal of their PF accumulations, it explained.
The age group of 18-25 registered the highest number of net enrolments with around 6.15 lakh additions, which is 47.89% of total net additions during June. This is followed by the age group of 29-35 with around 2.55 lakh net payroll addition, it stated.
Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka are still at the forefront of payroll addition with approximately 7.78 lakh subscribers adding during the month. This is around 60.61% of the total net payroll addition across all age groups.