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EPFO Added 17 Lakh Subscribers In April

EPFO’s subscribers rose in April this 12 months

New Delhi:

Retirement fund physique Employees’ Provident Fund Organisation (EPFO) has added 17.08 lakh internet new subscribers in April 2022, almost 34 per cent greater than 12.76 lakh enrolled in the identical month a 12 months in the past.

The provisional payroll information of EPFO launched on Monday highlighted that the PF physique has added 17.08 lakh internet subscribers within the month of April 2022, a Labour Ministry assertion mentioned.

According to the assertion, a year-on-year comparability of payroll information exhibits a rise of 4.32 lakh internet subscribers in April 2022 in comparison with the web subscription in the identical month final 12 months.

Thus, the web new subscribers had been 12.76 lakh in April 2021.

The information confirmed that the web new subscribers addition elevated to 1.22 crore in 2021-22 from 77.08 lakh in 2020-21, 78.58 lakh in 2019-20 and 61.12 lakh in 2018-19.

Out of the whole 17.08 lakh subscribers added throughout the month of April, round 9.23 lakh new members have come underneath the social safety cowl of EPF and MP Act, 1952, for the primary time.

About 7.85 lakh internet subscribers exited and re-joined the institutions coated underneath the EPFO by altering their jobs throughout the institutions coated by EPFO and opted to retain membership underneath the scheme via the switch of funds moderately than coming for the ultimate withdrawal of their PF accumulations.

The payroll information displays a declining pattern of members’ exit over the last 4 months, the assertion mentioned.

Age-wise comparability of payroll information signifies that the age group of 22-25 years has registered the best variety of internet enrolments, with 4.30 lakh additions throughout April 2022. This is adopted by the age group of 29-35 years with a wholesome addition of three.74 lakh internet additions throughout the month.

In a nutshell, these two age teams represent round 47.07 per cent of internet subscribers additions throughout the month. The age group of 29-35 years might be thought of as skilled employees, who’ve modified jobs for profession progress and opted to be with the EPFO.

State-wise comparability of payroll figures highlights that the institutions coated in Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi remained within the lead by including roughly 11.60 lakh internet subscribers throughout the month, which is 67.91 per cent of the whole internet payroll addition throughout all age teams.

(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

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