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EPFO records 10.05 lakh new enrolments in August


New Delhi: Net
new
enrolments with retirement fund body
EPFO rose to
10.05
lakh
in
August from 7.48
lakh
in July 2020, according to its latest payroll data, providing a perspective on employment
in the formal sector amid the coronavirus pandemic.

Provisional payroll data released by the
EPFO last month had shown that net
new
enrolments stood at 8.45
lakh
in July this year. The figure has now been revised down to 7.48
lakh.

The net
enrolments with the Employees’ Provident Fund Organisation (
EPFO) had dropped to 5.72
lakh
in March 2020 from 10.21
lakh
in February, according to the payroll data released
in May.

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.

Earlier
in July, provisional data had showed net
new
enrolments for the month 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 enrolment
in the month of May was also revised to (-) 35,336, from 40,551 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, according to the payroll data released on Tuesday.

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 over 1.75 crore.

The
EPFO said the payroll data is provisional as updation of employees’
records is a continuous process and gets updated
in subsequent months.

“The government announced lockdown on March 24, 2020. Accordingly ECR (PF returns) filing date for March month was extended to May 15, 2020,” the
EPFO had said
in May while releasing the data.

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

The estimates are net of the
new members enrolled, members exited and rejoined during the month, as per
records of the
EPFO.

The estimates may include temporary employees whose contributions may not be continuous for the entire year, it has said.

The
EPFO manages social security funds of workers
in the organised/ semi-organised sector
in India. It has more than 6 crore active members (with at least one month contribution during the year).





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