EPFO Net New Enrolments Dip To 10.11 Lakh In November
Net new enrolments with Employees’ Provident Fund Organisation 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 with retirement fund body 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),” a labour ministry statement on the payroll data said.
“The data published comprises members who have joined during the month and whose contribution has been received,” it said.
According to the data, around 6.41 lakh new members joined EPFO in November 2020. Roughly 3.7 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% of the new subscriber additions for November 2020.