14.12 lakh new subscribers were added to EPFO ​​in February, an increase of 14 percent over last year

Retirement Fund Management Bodies EPFO , EPFO) has informed that in February this year its subscriber (subscriberNet number of ) has increased by 14.12 lakhs. It has registered a growth of 14 percent as compared to the same month last year, in the same month last year, 12.37 lakh subscribers had increased, while according to the EPFO ​​data, between April 2021 and February 2022, there were net 11 million enrollments. This increase in the figures, after the epidemic, the job market of the country (Job Market) has signs of recovery. Most of the newly added members are under the age of 25. Whereas Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi account for two-thirds of the new subscribers.

EPFO subscribers increased

The Labor Ministry said in a statement that the provisional payroll data of EPFO ​​has been released today, according to which 14.12 lakh new subscribers have been added to the EPFO ​​on a net basis in the month of February 2022. According to the data, the total enrollment between April 2021 and February 2022 has been 1.11 crore, compared to 77.08 lakh enrollments in the previous financial year. At the same time, 78.58 lakh enrollments were done in the year 2019-20. At the same time, the number of new subscribers has increased by 31,826 in February 2022 as compared to January. At the same time, an increase of 1,74,314 subscribers has been seen in the number of subscribers in February 2022 as compared to the figures of February last year. In the month of January 2022, a total of 13,79,977 subscribers were increased, while in February 2021 last year, there has been an increase of 12,37,489 in the number of subscribers. There has been a steady increase in the number of subscribers since October, 2021, which shows their confidence in the services provided by the organization, the ministry statement said.

What are the special features of the data

Out of the total 14.12 lakh subscribers added during February, around 8.41 lakh new members have been enrolled under the Employees’ Provident Social Security cover for the first time. At the same time, about 5.71 lakh subscribers after exiting the scheme, instead of claiming for final withdrawal, re-joined the scheme by transferring the deposit in the previous PF account to the current PF account. The age-group of 22-25 years, registering the highest net enrollment of 3.70 lakhs during February, 2022, has been at the fore, followed by the age-group of 29-35 years with 2.98 lakh new subscriptions added. On the other hand, establishments from Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana and Delhi are at the forefront by adding around 9.52 lakh subscribers across all age groups, which is around 67.49 per cent of the total net subscribers added during the month.