EPFO Added A Record 8.45 Lakh New Subscribers

EPFO added a record 8.45 lakh new subscribers in July, up from 4.82 lakh in June 2020. The number of shareholders who joined the Employees’ Provident Fund Organization (EPFO) net in July rose to 8.45 lakh as compared to 4.82 lakh in June 2020.

The figure was released on Sunday. These figures of regular wage earners of EPFO ​​give information about the employment situation in the organized sector during Covid-19. In the provisional figures released last month of EPFO ​​payroll, ie employees on a regular salary, 6.55 lakh registrations were said in June this year.

This figure has now been revised to 4,82,352. According to the payroll data released in May, net registrations with EPFO ​​declined to 5.72 lakh in March 2020 from 10.21 lakh in February. According to the latest data released on Sunday, the net registration in April was in the negative range and declined by 61,807.

Whereas in August the figure was 20,164. This means that in April, more people joined the EPFO, more people quit. Earlier, according to provisional figures in July, there was talk of one lakh new registrations in April. It was later revised to 20,164 in August.

The net registration with EPFO ​​is about 7 lakhs on an average every month. According to the latest payroll figures, the number of new shareholders increased to 78.58 lakhs in the financial year 2019-20 as against 61.12 lakhs in the previous financial year. EPFO is releasing payroll data of new shareholders from April 2018. Data has been taken from September 2017 in this

The data also shows that during September 2017 to July 2020, the number of net new shareholders was 1.68 crore. The EPFO ​​states that payroll data is temporary and updating is a continuous process. It is updated in the coming months. According to the Employees Provident Fund Organization, the figure is based purely on the connected members.