EPFO net new enrolments grow 24% to 1.25 million in December

The enrolments provide a perspective on the formal sector employment amid the coronavirus pandemic

Net new enrolments with retirement fund body EPFO grew by 24 per cent to 1.25 million in December compared to the same month in 2019, according to the payroll data released on Saturday, providing a perspective on formal sector employment amid the coronavirus pandemic.

The Labour Ministry in a statement said that the provisional payroll data of Employees' Provident Fund Organisation (EPFO) highlights a positive trend for net subscribers base growth with addition of 1.25 million subscribers in December, 2020.

It stated that year on year comparison of payroll data shows 24 per cent growth for December 2020, indicating return to the pre-Covid levels of subscriber growth for the EPFO.

The data reflects increase of 44 per cent in net subscribers addition over the previous month of November, 2020.

Despite COVID-19 pandemic, the EPFO added around 5.37 million subscribers during the first three quarters of the current financial year (April to December in 2020), the data showed.

The third quarter of the current financial year (October-December) has registered a robust 22 per cent growth over the second quarter (July-September) in terms of net payroll addition, the ministry stated.

Growing trend in the EPFO payroll numbers and the accelerated expansion of the subscription base may partly be attributed to recent e-initiatives taken by the EPFO for seamless and uninterrupted service delivery in addition to the policy support for formalization of the economy through ABRY (Atmanirbhar Bharat Rojgar Yojana ), PMGKY (Pradhan Mantri Garib Kalyan Yojana) and PMRPY (Pradhan Mantri Rojgar Protsahan Yojana) schemes of Government of India, amid COVID -19 pandemic.