The net new enrolments with retirement fund body EPFO dipped to 5.72 lakh in March 2020 from 10.21 lakh in the previous month, according to its payroll data, providing an employment perspective in the formal sector.
However, during 2019-20, the number of net new subscribers rose to 78.58 lakh compared to 61.12 lakh recorded by Employees' Provident Fund Organisation (EPFO) during 2018-19, showed the latest payroll data released on Wednesday.
EPFO has been releasing the payroll data of new subscribers since April 2018, covering a period starting from September 2017.
The data also showed that during September 2017-March 2020 period, the number of net new subscribers was around 1.55 crore.
The net new enrolments with EPFO was 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 government announced lockdown on March 24, 2020. Accordingly ECR (PF returns) filing date for March month was extended to May 15, 2020," EPFO said.
The estimates are net of the new members enrolled, members 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 at least one month contribution during the year).