: EPFO adds 12.83 lakh new net subscribers in June, 2021 #FinanceIndia #StockMarketNEWS EPFO adds 12.83 lakh new net subscribers in June, 2021 New Delhi, Aug 21 (KNN) The Employees’ Provident

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EPFO adds 12.83 lakh new net subscribers in June, 2021 #FinanceIndia #StockMarketNEWS
EPFO adds 12.83 lakh new net subscribers in June, 2021 New Delhi, Aug 21 (KNN) The Employees’ Provident Funds Organization (EPFO) has added 12.83 lakh net subscribers in the month of June, the provisional payroll data of EPFO said.

"Month-on-month analysis reveals an increase of 5.09 lakh additions in net subscribers during June 2021 as compared to the previous the month of May 2021. Of the total 12.83 lakh net subscribers added during the month, around 8.11 lakh new members have come under the social security coverage of Employees’ Provident Funds Scheme for the first time," the EPFO said in its provisional payroll data on Friday.

The impact of the second wave of COVID-19 pandemic waned during June 2021, leading to tremendous growth in net payroll additions as compared to April and May 2021, it said.

"During the month, around 4.73 lakh net subscribers exited but re-joined EPFO by changing jobs within the establishments covered by EPFO," the data added.

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 said.

Regarding age-wise comparison of payroll data, the EPFO suggested that the age-group of 18-25 years has registered highest number of net enrolments with around 6.15 lakh additions, which is 47.89 per cent of total net additions during the month of June, 2021.

On the Gender-wise analysis, it indicates that net female addition during the month stood at 2.56 lakh, which is around 0.79 lakh more than those added during May 2021.

State-wise comparison of payroll shows that states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are still at the forefront of payroll addition with addition of approximately 7.78 lakh subscribers during the month. This is around 60.61 per cent of total net payroll addition across all age groups.

Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 41.84 per cent of total subscribers’ addition during the month. In addition, month-on-month growing trend in net subscription has been noticed for industries like trading-commercial establishments, engineering products, building & construction, textiles, garment making, hospitals and financing establishments.