According to provisional payroll data released by the Ministry of Labor and Employment on Wednesday, the Employees’ Provident Fund Organization (EPFO) added around 14.81 lakh net subscribers during August, 2021, an increase of 12.61 per cent over July.
Age-wise comparison of payroll data shows that the age group of 22-25 years recorded the highest net enrollment with an addition of 4.03 lakh in August, 2021, followed by the age group of 18.21 with around 3.25 lakh net enrollment Gaya. Which indicates that many first-time job seekers contributed about 49.18 percent of the total net customer additions to the organized sector workforce in August.
Out of the total 14.81 lakh net subscribers, around 9.19 lakh new members came under the social security net of the retirement fund body for the first time. About 5.62 lakh net subscribers exited the EPFO by changing jobs within the establishments covered under the EPF and MP Act, 1952, but rejoined the EPFO.
According to the ministry statement, the subscribers opted to continue their membership with the EPFO by transferring their funds from their previous jobs to the current provident fund (PF) account instead of applying for final withdrawal.
EPFO is responsible for providing social security benefits to the organized/semi-organized sector workforce. It provides provident fund, pension benefits to the members on their retirement along with family pension and insurance benefits to their families in case of untimely death of the members.
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