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 data presents the consolidated annual figures for 2018-19 and 2019-20.
- Net addition to the subscriber base rose from 61.12 lakh added in 2018-19 to 78.58 lakh in 2019-20, registering a 28% growth.
- The subscriber growth is on account of lower exits and higher rejoining by excited members.
- The tax free returns of 8.5% 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.
- A robust increase of around 75% in terms of rejoining by the members from 43.78 lakh in 2018-19 to 78.15 lakh in 2019-20 recorded.
- Auto-transfer facility which enables hassle free transfer of PF balance from the old account to the new account on change of job has played a big role in ensuring continuity of membership.