Nearly 1.2 crore new EPF subscribers added over the last 11 months

Nearly 1.2 crore new members were added to the Employees’ Provident Fund Organisation (EPFO) between September of 2017 and July 2018.

According to data released by the Ministry of Statistics and Programme Implementation (MOSPI), of these new members, the highest new enrolments came in the age group of 22-25 years – 31.36 lakh. The estimated total number of new NPS subscribers during the period September, 2017 to July, 2018 was 6.48 lakh.

In the age group of 18-21 years, more than 29 lakh subscribers were added. In the above 35 years age group, 21.86 lakh new members were enrolled.

More than 14 lakh subscribers re-started contributing money to their EPF accounts during this time. While about 72 lakh accounts ceased to exists or have become inoperative.

Employees' Provident Funds Scheme: September, 2017 to July, 2018

Provisional estimates of EPF subscribers as per EPFO records (in numbers)

How the survey was done
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the Employment Outlook of the country covering the period September, 2017 to July, 2018, based on the administrative records available with selected government agencies to assess the progress in certain dimensions.

This is the Fourth in this series of employment statistics.

The information is based on the number of subscribers, and as the schemes provide for earlier payments, the tables reflect a dynamic status.

About the EPF scheme
The Employees Provident Fund Scheme (EPF) is the main scheme under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. It is managed under the aegis of Employees' Provident Fund Organisation (EPFO). It covers every establishment in which 20 or more persons are employed and certain organisations even if they employ less than 20 persons each, subject to certain conditions and exemptions as provided for in the Act.

It is a mandatory savings scheme. The pay limit is Rs 15,000 per month. Persons drawing pay above Rs 15,000 are exempted or can be enrolled with some permission or on voluntary basis. The number of members subscribing to this scheme gives an idea of the level of employment in the formal sector.