At 16.8L, EPFO net subscribers grow by 83% from last year

NEW DELHI: Retirement fund body EPFO added 16.8 lakh new subscribers in May, nearly 83% more than 9.2 lakh enrolled in the corresponding period a year ago, official data released by the labour ministry on Wednesday said. New enrolments during the month is higher than the monthly average during the last fiscal.
The provisional payroll data of EPFO showed an increase of 7.6 lakh net subscribers in May as compared to the net subscription in May, 2021. Out of the total 16.8 lakh subscribers added during May this year, nearly 9.60 lakh members have been covered under the ambit of EPF & MP Act, 1952.
According to the data, 7.21 lakh net subscribers also exited the retirement fund, but rejoined EPFO after changing their jobs within EPFO-covered establishments and transferred their funds internally, instead of applying for final PF withdrawal.
Age-wise comparison of payroll data indicates that the age-group of 22-25 years has registered the highest number of net enrolments with 4.33 lakh additions in May, which points to first-time job seekers joining the organised sector workforce.