EPF subscribers cross pre-Covid level in July, but number may be overstated

Earlier, there was a net addition of 20,164 to EPF subscription in April, 172,174 in May. However, new data now shows subscribers shrank by 61,807 in April and addition in May was just 40,551

There were net additions of 845,232 subscribers to the Employees' Provident Fund (EPF) in  July, which is more than the monthly average of 654,886 during 2019-20. 

It should be noted that 2019-20 saw only a few days of lockdown towards the end of March. While interpreting the data, caution should be exercised about the possibility that initial numbers given for payroll data could be overstated. 

For instance, it is quite clear now that the impact of lockdown was much more severe in April and May than previously thought. 

Earlier, there was a net addition of 20,164 to the EPF subscription in April and 172,174 in May. However, new data now shows a contraction of 61,807 subscribers in April and addition of just 40,551 in May. Also, there was a downward revision for the month of June from 655,311 to 482,353.