E-Paper
In June, EPFO records 6.55 lakh net new enrolments
In June, net new enrolments with EPFO rose to 6.55 lakh, according to its latest payroll data. Almost 50% of the new enrollments are in the age group of 18-2, according to the EPFO figures.
The Employees Provident Fund Organization (EPFO) saw a rise of 4.83 lakh new enrollments in the month of June, in comparison to the last month when 3.18 lakh people had joined the formal workforce, according to data released by the retirement fund body.
In June, net new enrolments with EPFO rose to 6.55 lakh, according to its latest payroll data. Almost 50% of the new enrollments are in the age group of 18-2, according to the EPFO figures.
The latest figures provided a perspective on employment in the formal sector amid the Covid-19 crisis.
EPFO said that the Covid-19 pandemic outbreak had adversely affected the enrolments in the month of April and May 2020.
However, in the month of April and May this year, around 0.20 lakh and 1.72 lakh net new subscribers were added to social security schemes of EPFO, despite the lockdown.
The month of June has seen speedy recovery with addition of 6.55 lakh net subscribers, registering a remarkable 280 per cent month-on-month growth.
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-June 2020, the number of net new subscribers was around 1.63 crore.
Meanwhile, the exits from EPFO subscriber base declined by nearly 33 per cent from 4.45 lakh in May to 2.96 lakh in June 2020. The number of members who exited and then rejoined, indicates switching of jobs by subscribers within the establishments covered by EPFO.
This has also increased by approximately 44 per cent for the month of June over May 2020, with more subscribers choosing to retain membership by transferring funds rather than opting for final settlement.
(With agency inputs)
