Employees' Provident Fund Organisation (EPFO) added 14.6 lakh subscribers on a net basis in December 2021, an increase of 16.4 per cent compared to corresponding period of last year, according to the latest payroll data.
EPFO's provisional payroll data, which released on Sunday showed that the retirement fund body had added 12.54 lakh net subscribers during December 2020.
The net subscriber addition in December has increased by 19.98 per cent as compared to the previous month of November 2021, a statement by labour ministry said.
The net subscriber addition in November 2021 was revised downwards to 12.17 lakh from 13.95 lakh provisional estimates released in January 2022.
Of the total 14.60 lakh net subscribers added in December, 2021, 9.11 lakh new members have been enrolled under EPF & MP Act, 1952 for the first time.
Approximately 5.49 lakh net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of opting for final withdrawal. Further, it stated that the number of members exiting EPFO has been on a declining trend since July, 2021.
According to the data, the age-group of 22-25 years registered the highest number of net enrolments with 3.87 lakh additions during December 2021. The age-group of 18-21 also registered a healthy addition of around 2.97 lakh net enrolments.
The age-groups of 18-25 years have contributed around 46.89 per cent of total net subscriber additions in December, 2021. This indicates that many first-time job seekers are joining the organised sector workforce in large numbers.