12.73 lakh members joined EPFO ​​in October, 10.22% more than in 2020

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At the state level, Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka together added 7.72 lakh new subscribers.

Employees’ Provident Fund Organization (EPFO) netted 12.73 lakh subscribers in October. This is an increase of 10.22 percent compared to the same month a year ago. In a statement released on Monday, the Labor Ministry said that according to the latest data, a net 12.73 lakh subscribers joined the EPFO ​​in October 2021. A year ago in October 2020, 11.55 lakh members were associated with EPFO.

Out of the new members added in October, 7.57 lakh new members have been registered for the first time under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. At the same time, in this month, about 5.16 lakh members after separating from EPFO, transferred their accounts and rejoined it.

The ministry said that an analysis of salary data shows that employees in the age group of 22-25 years are the largest number of newly registered members. Netly 3.37 lakh subscribers of this age group joined EPFO ​​in October 2021. Apart from this, 2.50 lakh new members in the age group of 18-21 years have also joined.

At the state level, Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka together added 7.72 lakh new subscribers. This is 60.64 percent of the total new members. If we look at the gender basis, in October 2021, 21.14 percent of the newly registered shareholders were women with a number of 2.69 lakh.

Meanwhile, the Union Ministry of Labor and Employment has assured that the savings of customers will be protected under the Employees’ Provident Fund (EPF) scheme. This will happen regardless of the return on investment made by the organization running the scheme (EPFO) in corporate bonds of private companies. The development comes after Anil Ambani-owned Reliance Capital defaulted on its interest payment to the EPFO.

A senior official speaking to English website ‘ThePrint’ on the condition of anonymity said, the government always has a buffer or surplus from the return on investment of EPFO, which ensures that the savings of the employees are protected. are.

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