Record 1.54 million additions to EPFO in September, shows data

Amid the debate on formalisation of the economy, there was record net addition to employees’ provident fund subscription at 1.54 million in September.

In fact, there were lowest number of exits from the EPF subscription in September in FY22 so far. There was net addition to the EPF subscription at 6.48 million in the first half of the current fiscal year, which is higher than the 6.11 million in the entire FY19.

If the September trend continues, the cumulative net payroll till October of the current fiscal year would surpass that of FY20 and FY21. However, there are revisions in monthly numbers. The data released last month showed net payroll at 1.48 million in August, but it has now come down to 1.36 million.