Payroll data: EPFO records 10.05 lakh new enrolments in August amid coronavirus pandemic
New Delhi: Net new enrolments with retirement fund physique EPFO rose to 10.05 lakh in August from 7.48 lakh in July 2020, in accordance with its newest payroll knowledge, offering a perspective on employment within the formal sector amid the coronavirus pandemic.
Provisional payroll knowledge launched by the EPFO final month had proven that web new enrolments stood at 8.45 lakh in July this 12 months. The determine has now been revised right down to 7.48 lakh.
The web enrolments with the Employees’ Provident Fund Organisation (EPFO) had dropped to five.72 lakh in March 2020 from 10.21 lakh in February, in accordance with the payroll knowledge launched in May.
The newest knowledge launched on Tuesday confirmed that web new enrolments in April had been within the unfavourable zone at (-) 1,04,608 in opposition to the determine of (-) 61,807 launched in September. This implies that the variety of members who exited the EPFO subscription was greater than those that joined or rejoined the scheme.
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Earlier in July, provisional knowledge had proven web new enrolments for the month of April stood at 1 lakh, which was revised right down to 20,164 in August and additional lowered to (-) 61,807 in September.
The variety of web new enrolments within the month of May was additionally revised to (-) 35,336, from 40,551 estimated within the knowledge launched final month. The web new enrolments with the EPFO hover round 7 lakh each month on common.
During 2019-20, the variety of web new subscribers rose to 78.58 lakh as in comparison with 61.12 lakh within the previous fiscal, in accordance with the payroll knowledge launched on Tuesday.
The EPFO has been releasing the payroll knowledge of recent subscribers since April 2018, protecting the interval ranging from September 2017. The knowledge additionally confirmed that in September 2017-August 2020, the variety of web new subscribers was over 1.75 crore.
The EPFO mentioned the payroll knowledge is provisional as updation of staff’ information is a steady course of and will get up to date 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 mentioned in May whereas releasing the info. In June, it had mentioned, “The due date for submission of ECRs for April 2020 has been extended in view of the lockdown.”
The estimates are web of the brand new members enrolled, members exited and rejoined throughout the month, as per information of the EPFO.
The estimates might embody momentary staff whose contributions is probably not steady for the whole 12 months, it has mentioned.
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 a minimum of one month contribution throughout the 12 months).
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