According to the data, around 6.41 lakh new members joined EPFO in November 2020.(HT Photo)
According to the data, around 6.41 lakh new members joined EPFO in November 2020.(HT Photo)

Latest payroll data says new enrollments to EPFO slips to 10.11 lakh in Nov 2020

Provisional payroll data released by the Employees' Provident Fund Organisation (EPFO) last month had shown that net new enrolments were at 11.54 lakh in October 2020.
PTI, New Delhi
PUBLISHED ON JAN 20, 2021 08:13 PM IST

Net new enrolments with retirement fund body EPFO slipped to 10.11 lakh in November from 10.56 lakh in October 2020, according to its latest payroll data released on Wednesday, providing a perspective on formal sector employment amid the coronavirus pandemic.

Provisional payroll data released by the Employees' Provident Fund Organisation (EPFO) last month had shown that net new enrolments were at 11.54 lakh in October 2020.

"The provisional payroll of EPFO released today reveals that it has added around 10.11 lakh net subscribers in the month of November, 2020. Despite the Covid-19 pandemic, EPFO has added around 45.29 lakh net subscribers base in the current financial year (from April to November, 2020).

"The data published comprises members who have joined during the month and whose contribution has been received," a labour ministry statement on the payroll data said.

According to the data, around 6.41 lakh new members joined EPFO in November 2020. Roughly 3.70 lakh members exited and then rejoined EPFO, indicating switching of jobs and subscribers choosing to retain their membership by transferring funds rather than opting for final settlement.

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

Age-wise analysis indicates that during November 2020, the age-bracket of 22-25 years registered the highest growth in subscriber base with around 2.72 lakh net enrolments. This was followed by the 18-21 age-bracket with around 2.21 lakh net enrolments.

The 18-25 age-group members can be considered as fresh hands in the labour market and have contributed roughly 48.72 per cent of the new subscriber additions for November 2020.

State-wise comparison of payroll data shows that Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka continue to remain at the forefront of the employment recovery cycle, adding approximately 53 per cent of the total net payroll additions during the current financial year 2020-21 (from April to November) across all age groups.

Among categories, the 'expert services' category (which primarily includes manpower agencies, private security agencies and small contractors) continues to be the best performer by contributing a combined payroll of 23.45 lakh during the current financial year across all age groups.

This constitutes approximately 60 per cent of the net new payroll for the top 10 industry categories for the same period, it added.

Performance in other industry classifications such as the building and construction industry, engineers - engineering contractors; and electrical, mechanical or general engineering products indicates that recovery has started picking up in other sectors as well, the statement said.

Gender-wise analysis shows that the share of females in new enrolment has increased from 21.64 per cent in October to 22.40 per cent in November.

Out of the 6.41 lakh new subscribers who joined the EPF scheme in November, 1.43 lakh were women.

The payroll data is provisional, since updating of employee records is a continuous process and accordingly gets updated on a month-on-month basis.

As per the data released on Wednesday, net new enrolments in April were in the negative zone at (-) 2,11,073 against the figure of (-) 1,79,685 released in December 2020. 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 shown net new enrolments for the month of April stood at 1 lakh, which was revised down to 20,164 in August and further lowered to (-) 61,807 in September, (-) 1,04,608 in October and (-) 1,49,248 in November last year.

The number of net new enrolments in May was also revised further downwards to (-) 1,86,659 from (-)1,43,540 estimated last month.

During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh 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 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.

SHARE THIS ARTICLE ON
Close
A surge in household savings under lockdown has fueled speculation of a rapid increase in consumer demand as the government starts to unwind virus restrictions next month.(AFP Photo)
A surge in household savings under lockdown has fueled speculation of a rapid increase in consumer demand as the government starts to unwind virus restrictions next month.(AFP Photo)

Bank of England dismisses talk of inflation threat during post-Covid rebound

Bloomberg
PUBLISHED ON FEB 24, 2021 11:45 PM IST
Answering questions from lawmakers on Wednesday, policy makers said data monitored by the central bank don’t show evidence of inflation overshooting its 2% target.
Close
Customers are being given discounts and cashback offers on several product categories such as TVs, laptops, mobile phones, air conditioners and refrigerators.(Mohd Zakir/HT File Photo)
Customers are being given discounts and cashback offers on several product categories such as TVs, laptops, mobile phones, air conditioners and refrigerators.(Mohd Zakir/HT File Photo)

Govt clears 7,350-cr PLI booster for production of laptops, tablets, PCs

PTI
PUBLISHED ON FEB 24, 2021 08:25 PM IST
The PLI push is expected to bolster electronics ecosystem in India, at a time when globally manufacturing is undergoing a shift and companies across the world are looking to diversify their manufacturing base, to mitigate the risk involved in depending on a single location.
Close
Prime Minister Narendra Modi PM Modi said in the seminar that most public sector enterprises incur losses and that burdens the economy (PTI Photo)(PTI)
Prime Minister Narendra Modi PM Modi said in the seminar that most public sector enterprises incur losses and that burdens the economy (PTI Photo)(PTI)

'Govt has no business to be in business': PM Modi bats for privatisation

By hindustantimes.com | Edited by Ayshee Bhaduri, Hindustan Times, New Delhi
PUBLISHED ON FEB 24, 2021 08:22 PM IST
  • Reiterating his government’s stance on privatisation, the Prime Minister said, “We have made it clear in the new public sector enterprise policy that government will have limited role in only four strategic sectors and all other public sector units can be privatised.”
Close
The financial sector will contribute around 50 per cent of the incremental supply, followed by innovation (close to 25 per cent) and infrastructure (about 20 per cent), the agency said.(Shutterstock)
The financial sector will contribute around 50 per cent of the incremental supply, followed by innovation (close to 25 per cent) and infrastructure (about 20 per cent), the agency said.(Shutterstock)

India's corporate bond mkt can double to 65-70 lakh cr by March 2025: Crisil

PTI
PUBLISHED ON FEB 24, 2021 07:55 PM IST
The demand for corporate bonds, however, is likely to be 60-65 lakh crore by March 2025.
Close
The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland.(Reuters)
The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland.(Reuters)

Tesla shares rally in premarket trading on ‘buy the dip’ bounce

Bloomberg
PUBLISHED ON FEB 24, 2021 07:29 PM IST
Other electric-vehicle makers also climbed in premarket trading Wednesday: Nikola Corp. gained 3.3%, while Lordstown Motors Corp. advanced 2.6%.
Close
Tesla CEO Elon Musk (Reuters)
Tesla CEO Elon Musk (Reuters)

Elon Musk’s Starlink to be game changer for telecommunications sector

By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON FEB 24, 2021 06:22 PM IST
During the beta testing phase, Starlink offered users a broadband speed between 50mbps and 150mbps with the latency expected between 20ms and 40ms, depending on location.
Close
The decision was announced by finance minister Nirmala Sitharaman's office on Twitter.(ANI file photo)
The decision was announced by finance minister Nirmala Sitharaman's office on Twitter.(ANI file photo)

Centre lifts embargo on grant of govt businesses to private banks

By hindustantimes.com | Edited by Amit Chaturvedi
UPDATED ON FEB 24, 2021 06:07 PM IST
The department of financial services said that the decision will enhance customer experience. It also said that private banks will be equal partners in government's economic and social agenda.
Close
Sensex(Bloomberg)
Sensex(Bloomberg)

Sensex zooms 1,030 points; Nifty tops 14,950

Posted by Prashasti Singh | PTI, Mumbai
UPDATED ON FEB 24, 2021 06:03 PM IST
After resumption of trade at 3.45 pm, NSE Nifty zoomed 274.20 points or 1.86 per cent to end at 14,982.
Close
GAIL owns and operates a network of around 12,500km of high-pressure trunk pipelines and is a leading natural gas company.(HT File)
GAIL owns and operates a network of around 12,500km of high-pressure trunk pipelines and is a leading natural gas company.(HT File)

GAIL share buyback offer to open on February 25: All you need to know

By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON FEB 24, 2021 05:18 PM IST
According to a statement issued by GAIL, it will buy back shares from all existing shareholders and beneficial owners as on the record date, which is January 28, and this will be done on a proportionate basis.
Close
HDFC Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Finance, SBI, Axis Bank, HDFC and Reliance Industries.(PTI)
HDFC Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Finance, SBI, Axis Bank, HDFC and Reliance Industries.(PTI)

Sensex rallies over 500 pts; Nifty tops 14,850 after trade resumption

PTI, Mumbai
PUBLISHED ON FEB 24, 2021 05:18 PM IST
  • After resumption of trade at 3.45 pm, NSE Nifty was quoting 152.95 points or 1.04 per cent up at 14,860.75.
Close
Joe Biden has been under pressure from Republican lawmakers to do more to protect American supply chains from China (AP Photo/Evan Vucci, File)(AP)
Joe Biden has been under pressure from Republican lawmakers to do more to protect American supply chains from China (AP Photo/Evan Vucci, File)(AP)

Biden rushes to address global computer chip shortage via latest executive order

Reuters, Washington
PUBLISHED ON FEB 24, 2021 04:56 PM IST
  • The scarcity, exacerbated by the pandemic, will be the subject when Biden meets a bipartisan group of US lawmakers on Wednesday to discuss the issue.
Close
Barbie still carries plenty of baggage for promoting a largely White, gendered image of beauty.(AFP File)
Barbie still carries plenty of baggage for promoting a largely White, gendered image of beauty.(AFP File)

Barbie’s pandemic sales boom followed yearslong revamp at Mattel

Bloomberg
PUBLISHED ON FEB 24, 2021 04:52 PM IST
Years of planning and a bit of luck have turned the baby boomer of toys into a go-to item for millions of kids.
Close
 The Hyundai Kona recall is one of the first mass battery pack replacements conducted by a major automaker.. REUTERS/Jorge Silva/File Photo(REUTERS)
The Hyundai Kona recall is one of the first mass battery pack replacements conducted by a major automaker.. REUTERS/Jorge Silva/File Photo(REUTERS)

Hyundai Motor to replace battery systems in 82,000 EVs in recall worth $900 mil

Posted by Ayshee Bhaduri | Reuters, Seoul
UPDATED ON FEB 24, 2021 04:37 PM IST
The recall mostly concerns the Kona EV, Hyundai's biggest-selling electric car which was first recalled late last year for a software upgrade after a spate of fires.
Close
The NSE tweeted the market timings for various segments(Bloomberg)
The NSE tweeted the market timings for various segments(Bloomberg)

NSE, BSE extend trading hours till 5pm today. Here's why

By hindustantimes.com | Edited by Ayshee Bhaduri, Hindustan Times, New Delhi
UPDATED ON FEB 24, 2021 05:06 PM IST
  • Earlier in the day, NSE had halted trading in its cash and derivative segments at 11.40 am, due to issues with telecom links of its two service providers.
Close
Indian stocks riding on the tailcoat of foreign money may get a further boost post the stimulus.(MINT_PRINT)
Indian stocks riding on the tailcoat of foreign money may get a further boost post the stimulus.(MINT_PRINT)

NSE halts trading after telecom disruption

Bloomberg, New York\
PUBLISHED ON FEB 24, 2021 01:55 PM IST
About an hour into trading on Wednesday, local traders flagged that levels for the cash segment on the NSE’s benchmark Nifty 50 Index as well as the Nifty Bank Index stopped updating.
Close
SHARE
Story Saved
OPEN APP