EPFO records 6.55 lakh net new enrolments in June from 1.72 lakh during May 2020


NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) saw a robust rebound in net new subscribers with addition of 655,000 subscribers in June as industries and services resumed operations after two months of lockdown. Barely 20,000 and 172,000 subscribers were added to the EPFO in April and May respectively, resulting in net additions of about 847,000 in the first quarter of this financial year.

“The month of June has seen speedy recovery with addition of 6.55 lakh net subscribers registering a remarkable 280% month on month growth,” the EPFO said in a statement on Thursday. “The subscriber base growth is on account of increased number of new subscribers, lower exits and higher rejoining by exited members.”

New subscribers increased about 64% to 498,000 in June from 303,000 in May while exits from EPFO subscriber base declined nearly 33% to 296,000 in June from 445,000 in May. The EPFO saw net addition of 1.2 million subscribers in June this year while 2019-20 saw one million new subscribers on average every month.

EPFO

Even the number of members who exited and then rejoined increased 44% in June from May, with more subscribers choosing to retain membership by transferring funds rather than opting for final settlement, said the EPFO. The data comprises all the new members who joined during the month and whose contribution was received.

The EPFO payroll data showed the enrolment of female workers went up to 106,059 in June from 37,085 in April in absolute terms, even though the overall female participation in the workforce remained low.

However, the highest jump in formal employment creation was in the expert service category which predominantly consist of manpower agencies, private security agencies and small contractors.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *