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EPFO records 6.55 lakh net new enrolments in June

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Internet new enrolments with retirement fund physique EPFO rose to six.55 lakh in June from 1.72 lakh throughout Might 2020, based on its newest payroll knowledge, offering a perspective on employment within the formal sector amid the COVID-19 disaster.

Provisional payroll knowledge launched by the EPFO final month had proven that internet new enrolments stood at 3.18 lakh in Might this yr. The determine has now been revised to 1,72,174.

The web new enrolments with the Staff’ Provident Fund Organisation (EPFO) had dropped to five.72 lakh in March 2020 from 10.21 lakh in February, as per the payroll knowledge launched in Might.

Newest knowledge launched on Thursday confirmed that internet new enrolments in April have been simply 20,164 in comparison with the provisional determine of 1 lakh launched in July.

The web new enrolments with the EPFO hover round 7 lakh each month on a mean.

Throughout 2019-20, the variety of internet new subscribers rose to 78.58 lakh as in comparison with 61.12 lakh within the previous fiscal, based on the payroll knowledge launched on Thursday.

The EPFO has been releasing the payroll knowledge of latest subscribers since April 2018, masking the interval ranging from September 2017.

The information additionally confirmed that in September 2017-June 2020, the variety of internet new subscribers was round 1.63 crore.

EPFO stated the payroll knowledge is provisional as updation of workers’ information is a steady course of and will get up to date in subsequent months.

“The federal government introduced lockdown on March 24, 2020. Accordingly ECR (PF returns) submitting date for March month was prolonged to Might 15, 2020,” the EPFO had stated in Might whereas releasing the information.

In June, it had stated, “The due date for submission of ECRs for April 2020 has been prolonged in view of the lockdown.”

The estimates are internet of the brand new members enrolled, members exited and rejoined through the month, as per information of EPFO.

The estimates might embrace short-term workers whose contributions might not be steady for your complete yr, it has stated.

The EPFO manages social safety funds of staff within the organised/ semi-organised sector in India.

It has greater than 6 crore lively members (with not less than one month contribution through the yr).

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First Printed on Aug 20, 2020 06:55 pm

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