EPFO added 1.39 crore subscribers in last two financial years

EPFO added 1.39 crore subscribers in last two financial years

June 22, 2020 Off By Virendra Yadav

The recently published provisional payment register figures (payroll data) by EPFO ​​highlight the trend of growth in its steadily increasing subscriber numbers since the payment register was matched in EPFO ​​from September 2017. The payment register data presents consolidated annual figures for the years 2018-19 and 2019-20. Total subscriber numbers increased from 61.12 lakhs in 2018-19 to 78.58 lakhs in 2019-20, registering an increase of 28%. The published payment register figures include all new members who have joined during the month and whose contributions have been received.

  This increase in subscriber numbers is due to lower number of unsubscribed subscribers and higher number of unsubscribed subscribers re-members. EPFO paid a tax free interest of 8.5% for the year 2019-20, which is the highest among other social security instruments and fixed deposits. This is the reason why EPFO ​​helped reduce the number of unsubscribed by about 10% in the year 2019-20 as compared to the previous year.

  Apart from this, a huge increase of about 75% has been registered with the number of unsubscribed customers re-joining from 43.78 lakh in the year 2018-19 to 78.15 lakh in the year 2019-20. The auto-transfer facility has in many cases played a large role in ensuring continuity of membership. This facility enables members to carry out hassle free transfer of PF balance from old account to new account on changing jobs.

  The analysis by age of subscribers during the year 2019-20 shows that the total enrollment of customers in the age group of 26-28, 29-35 and above 35 years has increased by more than 50% as compared to the previous year. Due to the rapid improvement in the quality of service delivery in online mode, employees across the country have been attracted to the services of EPFO. Apart from this, the amount deposited as PF is no longer a lock-in money, it can be withdrawn when needed. The EPFO ​​has worked out the demands for advances during Kovid-19 within 3 days. With this, PF deposits are now seen as cash, which can meet the requirement of customers in times of crisis. Similarly PF advance can be availed in case of unemployment, marriage expenses, higher education, housing and medical treatment.

  Further figures show that the enrollment of women employees has increased by almost 22% during the year 2019-20 as compared to previous years, reflecting the greater participation of women in the country's formal workforce.

  Published data indicate that for the first time during the years 2018-19 and 2019-20, a total of 1.13 lakh new establishments have started compliance with PF. The simplification of the compliance process enabling new establishments to easily obtain PF codes through the portal and the facility of filing Electronic Challan cum Return (ECR) has promoted voluntary compliance by the establishments.

  A category-wise analysis of industries shows that hospitals and financial establishments have shown growth of over 50%, while establishments providing trading and commercial establishments, textiles and sanitation related services grew by over 20% in terms of net enrollment. Is recorded. This is indeed a sign that jobs are becoming more organized than ever in the Indian employment market, which is also confirmed in the Economic Survey of 2019-20.
No tags for this post.