Enrolments with EPFO dips to 10.34 lakh in Feb from 10.71 lakh in Jan

The net new enrolments with retirement fund body EPFO dipped to 10.34 lakh in February 2020 from 10.71 lakh in the previous month, according to its payroll data, providing an employment perspective in the formal sector.

However, during the April-February period in 2019-20, the number of net new subscribers rose to 76.53 lakh compared to 61.12 lakh recorded by Employees' Provident Fund Organisation (EPFO) during the entire 2018-19, showed the latest payroll data released on Monday.

EPFO has been releasing the payroll data or new subscribers data since April 2018, covering a period starting from September 2017.

The data also showed that during September 2017-February 2020 period, the net new subscribers was around 1.53 crore.

The net new enrolments with the EPFO were 15.52 lakh during September 2017-March 2018.

EPFO said the payroll data is provisional as updation of employees records is a continuous process and gets updated in subsequent months.

The estimates are net of the members newly enrolled, exited and rejoined during the month, as per records of EPFO.

EPFO manages social security funds of workers in the organised/ semi organised sector in India, and it has more than 6 crore active members (with atleast one month contribution during the year).