New Delhi : About 10.05 lakh new enrollments were made in the retirement fund organization EPFO during August, which is about two and a half lakh more than the July 7.48 lakh figure. These data from the latest payroll data are presenting a perspective on employment in the formal sector in the midst of the coronavirus epidemic. This year, an average of seven lakh new enrollments have been made in EPFO every month.
The provisional payroll data released last month by EPFO showed 8.45 lakh enrollment for the month of July, but was later revised down to 7.48 lakh. According to the payroll data released in May, new enrollments in the Employees Provident Fund Organization (EPFO) in March had fallen to 5.72 lakhs due to the Coronavirus epidemic compared to 10.21 lakh new enrollments in May this year.
According to the latest data released on Tuesday, the number of new enrollment in April was negative (-1,04,608), while in September, it was minus (-) 61,807, i.e. the number of people was whose account closed instead of joining or rejoining EPF. The provisional data released in July showed a new enrollment of one lakh in April, while it was revised to just 20,164 in August.
After this, April enrollment was further reduced to minus (-) 61,807 in September figures. In addition to April, the data released last month for May also reduced the estimated 40,551 new enrollments to minus (-) 35,336 in this month’s report.
The number of new subscribers during the current financial year 2019-20 has been 78.58 lakh as against 61.12 lakh new EPF accounts of the previous financial year. EPFO started releasing payroll data for new accounts added every month from April-2018. While launching it, data was released from September-2017. According to data from September-2017 to August-20, the number of new
openers has been more than 1.75 crore. EPFO currently has over 6 crore active account holders.