As of the most recent payroll statistics, the Employees’ Provident Fund Organisation (EPFO) actually attracted 14.6 lakh net subscribers in December 2021, a 16.4% steady rise over the same month the previous year.
According to EPFO’s provisional payroll data, which was posted on Sunday, the retirement fund organization gained 12.54 lakh, net new members, in December 2020.
As per a labor ministry release, net subscriber recent additions climbed by 19.98% in December compared to the previous month of November 2021.
The net subscriber significant increase in November 2021 was reduced from 13.95 lakh provisional estimates reported in January 2022 to 12.17 lakh.
9.11 lakh new members have been enlisted for the first time under the EPF & MP Act, 1952, out of the total 14.60 lakh net subscribers acquired in December 2021.
Approximately 5.49 lakh net subscribers left but rejoined EPFO by simply transferring their PF accumulations from prior to current PF accounts rather than opting for final withdrawal. Furthermore, it noted that the number of EPFO members leaving has been on a decreasing trend since July 2021.
According to the report, the age group of 22-25 years had the largest number of net enrolments with 3.87 lakh additions in December 2021. The age range of 18-21 also had a robust and reliable increase of roughly 2.97 lakh net enrolments.
The 18-25 age group provided around 46.89% of total net subscriber additions in December 2021. This certainly suggests that a substantial proportion of first-time job searchers are considering entering the labor force in the organized sector.
In addition, during its meeting next month, the Employees’ Provident Fund Organisation’s (EPFO) board of trustees will vote on the interest rate on employees’ provident fund deposits for 2021-22.
In March 2021, the board decided on an interest rate of 8.5 percent on EPF deposits year 2020-21.