The provisional payroll data of EPFO reveals that EPFO has added 11.55 lakh net subscribers in the month of October, 2020. Despite the COVID-19 pandemic, EPFO has added around 39.33 lakh subscribers during the current financial year (from April to October, 2020). The data published comprises of members who have joined during the month and whose contribution has been received by EPFO for the wage month.
Year-on-year comparison shows that October, 2020 has registered a healthy 56% growth in terms of net payroll addition as compared to net subscriber growth of 7.39 lakh registered during the month of October 2019, indicating robust recovery to pre Covid-19 levels.
In the month of October 2020, around 7.15 lakh new members have joined EPFO and approximately 2.40 lakh members exited during October 2020. Roughly 6.80 lakh members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement. Exited members rejoining also indicate that workers are returning to their jobs with decline in active COVID-19 cases in India.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
