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Home >Money >Personal Finance >EPFO adds over 10 lakh net subscribers in November 2020: Govt data

Retirement fund body EPFO on Wednesday said that it has added around 10.11 lakh net subscribers in the month of November, 2020, according to the payroll data.

"Despite the Covid-19 pandemic, EPFO has added around 45.29 lakh net subscribers base in the current financial year (from April to November, 2020)," the Ministry of Labour & Employment said in a statement.

In the month of November, 2020, around 6.41 lakh new members have joined EPFO. Roughly 3.70 lakh net members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain their membership by transferring of funds rather than opting for final settlement, the data revealed.

"Exited members rejoining also indicate that workers are returning to their jobs with decline in active Covid-19 cases in India," the ministry added.

According to the data, age-wise analysis indicates that during November 2020, the age-bracket of 22-25 has registered highest growth in subscriber base with around 2.72 lakh net enrollments.

This was followed by 18-21 age-bracket with around 2.21 lakh net enrollments. The 18-25 age-group members can be considered as fresh hands in the labour market and have contributed roughly 48.72% of the new subscriber additions for November, 2020.

Across the states’ comparison of payroll figures shows that states of Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka continue to remain at the forefront of the employment recovery cycle with adding approximately 53% of the total net payroll addition during the current financial year 2020-21 (from April to November, 2020) across all the age groups.

Category-wise analysis of industry indicates ‘expert services’ category (which primarily includes manpower agencies, private security agencies and small contractors) continues to be the best performer by contributing a combined payroll of 23.45 lakh during the current financial year across all age groups. This constitutes approximately 60% of the net new payroll for the top ten industry categories for the same period.

"However, performance in other industry classification such as building & construction industry, engineers–engineering contractors; electrical, mechanical or general engineering products indicates that recovery has started picking up in other sectors as well," the data further stated.

Gender-wise analysis for the month of November 2020 shows that the share of females in new enrolment has increased from 21.64% in October, 2020 to 22.40% in November, 2020. Out of total 6.41 lakh net subscribers joined the EPF Scheme in the month of November, 2020, total 1.43 lakh were female workforce.

The payroll data is provisional since updating of employee records is a continuous process and accordingly gets updated on a month-on-month basis, the labour ministry clarified.

Meanwhile, EPFO settled 56.79 lakh COVID-19 non-refundable advance claims, and has disbursed 14,310 crore till December 31, 2020, reflecting the adverse impact of the pandemic on the formal sector workforce, it said earlier this month.

During the pandemic, the EPFO came out with innovative measures like auto-settlement mode and multi-location claim settlement to ensure settlement of COVID-19 claims within three days despite restrictions on full deployment of staff.

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