EPFO adds 1.39 crore subscribers in last two financial years

Employees' Provident Fund Organization - EPFO has added one crore 39 lakh  subscribers in last two financial years. Ministry of Labour and Employment in a statement said that net addition to subscriber base has gone up from 61.12 lakh  in 2018-19 to 78.58 lakh in 2019-20, registering a 28 per cent growth. 

The Ministry said, recently published provisional payroll data by EPFO highlights the ever growing trend of increasing subscriber base for EPFO, since the collation of payroll data from September 2017. The Ministry said, the subscriber growth is on account of lower exits and higher rejoining by exited members.

The tax free returns of 8.5 per cent  for 2019-20, which is one of the highest among



other social security instruments and fixed deposits, has helped EPFO reduce its exits for 2019-20 by around 10 per cent as compared with previous year.The Ministry said, age wise analysis during 2019-20 indicates that for the age group 26 to 28, 29 to 35 and beyond 35, the net enrolment has increased by more than 50 per cent  compared to previous year.

Rapid improvement in quality of service delivery in online mode has also attracted the workforce of the country towards services of EPFO. It also said that  enrolment of female workers has gone up by around 22 per cent  during 2019-20 compared to previous years indicating greater female participation in formal workforce.