Owing to the various initiatives by the Government and the Employees’ Provident Fund Organisation (EPFO), there was a rise in the number of EPFO subscribers during May 2021. In spite of the second wave of the pandemic, the number of subscribers rose to over 9.2 lakhs.
Interestingly, the highest number of enrolments (2.39 lakhs) have come from the 22-25 age bracket, while the second highest number of enrolments (1.90 lakh) is in the age group of 29-35. Of the net enrolments, about 21.77 per cent are women.
As per the provisional payroll data from the EPFO, it appears that the second wave did not have as serious an impact as the first wave of the COVID-19 pandemic. This is attributed to the Pradhan Mantri Garib Kalyan Yojana scheme coupled with the several e-initiatives taken by the EPFO, including facilities for online submission of claims, automatic settlement of claims, online transfer of PF account, and improved grievance redressal systems. Additionally, it had introduced services on mobile devices too.
About 5.73 lakh of the total 9.20 lakh net subscribers added in May, around 5.73 are first-time subscribers. The month of May 2021 also saw around 3.47 lakh subscribers exiting and then rejoining EPFO due to change of employment. These subscribers who happened to get employed by organisations that subscribe to EPFO, were able to conveniently transfer their funds and retain their subscription instead of opting to withdraw.