EPFO adds 14.6 lakh new subscribers in December

New Delhi, February 20

The Employees Provident Fund Organisation (EPFO) has added 14.60 lakh net subscribers during December 2021 as compared to 13.95 lakh net subscribers during November 2021.

Industry-wise payroll data indicates the ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors etc.) constitutes 40.24% of the total subscriber addition during the month.

Coverage under EPS-95

• At present, all those in the organised sector whose basic wages (basic pay plus dearness allowance) are up to Rs15,000 per month at the time of joining service are mandatorily covered under EPS-95
• There has been demand for higher pension on higher contributions among the EPFO members. Thus, it is under active consideration to bring out a new pension scheme for those whose monthly basic wages are over Rs 15,000

In addition, a growing trend in net payroll additions has been noted in industries such as building and construction industry, textiles, restaurants and iron and steel etc.

There has also been an increase of payroll data on the year-on-year basis. It recorded an increase of around 2.06 lakh net payroll additions as compared to 12.54 lakh net subscribers added during the corresponding month previous year. For December 2021, the net subscriber addition has increased by 19.98% as compared to the previous month of November 2021.