New Enrolments With EPFO Rose 56% In October

According to the latest payroll data, net new enrolments with retirement fund body EPFO (Employees Provident Fund Organisation) rose by 56% to 11.55 lakh in October compared to 7.39 lakh in the same month last year, according to its latest payroll data, providing a perspective on formal sector employment amid the coronavirus pandemic.

The net payroll additions, however, have registered a slight dip in October compared to 14.19 lakh in September this year, according to a statement by the Labour Ministry.

Provisional payroll data released by the EPFO last month showed that net new enrolments stood at 14.9 lakh in September this year.

Data released by the ministry on Sunday showed that net new enrolments in April were in the negative zone at (-) 1,79,685 against the figure of (-) 1,49,248 released in November.

This means that the number of members who exited the EPFO subscription was more than those who joined or rejoined the scheme.

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-October 2020, the number of net new subscribers was over 1.94 crore.

According to a labour ministry statement on the data, in October 2020, around 7.15 lakh new members have joined the EPFO and approximately 2.40 lakh members exited during October 2020.

Roughly 6.80 lakh members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement.

Exited members rejoining also indicate that workers are returning to their jobs with decline in active COVID-19 cases in India, it added.

Despite the COVID-19 pandemic, it stated that the EPFO has added around 39.33 lakh subscribers during the current financial year (from April to October 2020).

The data comprises members who have joined during the month and whose contribution has been received by the EPFO for the wage month.

With inputs from PTI