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    EPFO records 10.05 lakh new enrolments in August

    Synopsis

    Latest data released on Tuesday showed that net new enrolments in April were in the negative zone at (-) 1,04,608 against the figure of (-) 61,807 released in September. This means that the number of members who exited the EPFO subscription was more than those who joined or rejoined the scheme.

    Agencies
    The EPFO said the payroll data is provisional as updation of employees' records is a continuous process and gets updated in subsequent months.
    New Delhi: The retirement fund body, Employees’ Provident Fund Organisation has reported net new enrolments of about 1,005,000 in August, up from about 748,000 in July, indicating that more formal jobs are being added as economic recovery gathers momentum.

    The payroll data released by EPFO on Tuesday revised downwards the numbers of net new enrolments for April and May when more people exited the scheme than those who joined or rejoined amid the nationwide lockdown to contain the spread of Covid-19.

    The number of net new enrolments for April was revised to negative (-) 104,608 from -61,807 shown earlier, while the number for May was revised to a fall of 35,336 from addition of 40,551 stated in the data released earlier.

    Net new enrolments with EPFO hover around 700,000 every month on an average.

    With the imposition of lockdown in the last week of March, the net enrolments in EPFO fell to about 572,000 in March 2020 from about 1,021,000 in February.

    During 2019-20, the number of net new subscribers stood at 7.86 million against 6.11 million 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-August 2020, the number of net new subscribers was more than 17.50 million.

    EPFO said the payroll data is provisional as updation of employees'' records is a continuous process and gets updated in subsequent months. The estimates released every month are net of the new members enrolled, members exited and rejoined during the month, as per records of EPFO.
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