The EPFO gained 14.90 lakh net subscribers in September 2020, raising its user base by about 30.92 lakh in the first two quarters of the current financial year: says Labour Ministry data
Net new enrolments with retirement fund body EPFO rose to 14.9 lakh in September from 8.8 lakh in August 2020, according to its latest payroll data, providing a perspective on formal sector employment amid the coronavirus pandemic.
Provisional payroll data released by the EPFO last month had shown that net new enrolments stood at 10.05 lakh in August this year. The figure has now been revised down to 8.8 lakh.
The latest data released on Friday showed that net new enrolments in April were in the negative zone at (-) 1,49,248 against the figure of (-) 1,04,608 released in October. This means that the number of members who exited the EPFO subscription was more than those who joined or rejoined the scheme.
According to the Labor Ministry’s data release, the EPFO gained 14.90 lakh net subscribers in September 2020, raising its user base by about 30.92 lakh in the first two quarters of the current financial year.
Earlier in July, provisional data had shown net new enrolments for April stood at 1 lakh, which was revised down to 20,164 in August and further lowered to (-) 61,807 in September.
The number of net new enrolments in May was also revised to (-) 97,988 from the (-) 35,336 estimated in the data released last month. The net new enrolments with the EPFO hover around 7 lakh every month on an average.
During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal.
The EPFO has been releasing the payroll data of new subscribers since April 2018, covering the period starting from September 2017. The data also showed that during September 2017-September 2020, the number of net new subscribers was over 1.86 crore.
According to a labour ministry statement on the data, the EPFO has added 14.90 lakh net subscribers in September 2020, thereby increasing its subscriber base by around 30.92 lakh during the first two quarters of the current financial year.
It further stated, “The net payroll addition figures for the second quarter of FY ’21 are 30.34 lakh which is approximately equal to payroll figures of the second quarter of FY’20. This indicates a robust recovery to pre COVID-19 levels.”
The number of members who exited and then rejoined indicates both switchings of jobs by them within the establishments covered under EPF scheme and subscribers choosing to retain their membership by transferring their PF accumulations rather than opting for final withdrawal. The figure has increased by about 10 per cent from 6.53 lakh in August to 7.23 lakh in September 2020.
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