A total of 986,850 people subscribed to employee provident fund during the month of August, an 11 per cent decline in comparison to the previous month.
Of the total 16.94 lakh members added during the month, around 9.87 lakh new members have come under the ambit of EPFO for the first time. Out of 9.87 lakh new members added, approximately 58.32% are from the age-group of 18-25 years of age. This age-group signifies a crucial stage for an individual’s potential in terms of earning capacity and joining organized workforce in large numbers following their education.
EPFO subscribers will not have to pay a premium for the Ayushman scheme. According to the EPFO s proposal, the EPFO will bear the premium of each subscriber, which is Rs 111.
Approximately 7.85 lakh net subscribers exited & re-joined the establishments covered under EPFO by changing their jobs within the establishments covered by EPFO and opted to retain membership under the Scheme, through transfer of funds rather than coming for final withdrawal of their PF accumulations.Â