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Good news on jobs, EPFO enrolment shows significant rise in May

The Employees' Provident Fund Organisation (EPFO), the retirement fund body, has registered 3.18 lakh net new enrolments in May, a significant improvement from April figures which saw a little over 1 lakh new enrolments.

India TV Business Desk India TV Business Desk
New Delhi Updated on: July 21, 2020 13:47 IST
Jobs, hiring, EPFO data
Image Source : FILE PHOTO

EPFO data shows net enrolments improves in May compared to April 2020.

The Employees' Provident Fund Organisation (EPFO), the retirement fund body, has registered 3.18 lakh net new enrolments in May, a significant improvement from April figures which saw only 1 lakh new enrolments. The latest payroll data shows a perspective on employment in the formal sector amid the coronavirus crisis.

Provisional payroll data released by the EPFO last month had showed that net new enrolments stood at 1.33 lakh in April this year. The figure has now been revised to 1,00,825. The net new enrolments with the Employees' Provident Fund Organisation (EPFO) had dropped to 5.72 lakh in March 2020 from 10.21 lakh in February, as per the payroll data released in May. 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 compared to 61.12 lakh in the preceding fiscal, according to the latest payroll data released on Monday.

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-May 2020, the number of net new subscribers was around 1.59 crore.

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 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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