Net new enrolments with Employees Provident Fund Organisation (EPFO) rose by 56 percent to 11.55 lakh in October compared to 7.39 lakh in the corresponding month last year, as per its latest payroll data, providing a perspective on formal sector employment amid the coronavirus pandemic.

Provisional payroll data released by the EPFO last month indicated that net new enrolments stood at 14.9 lakh in September this year. Data released by the ministry on Sunday showed that net new enrolments in April were in the negative zone at (-) 1,79,685 against the figure of (-) 1,49,248 released in November. This implies that the number of members who exited the EPFO subscription was more than those who joined or rejoined the scheme.

The EPFO has been releasing the payroll data of new subscribers since April 2018, covering the period starting from September 2017. The data also showed that during September 2017-October 2020, the number of net new subscribers was over 1.94 crore.  According to a labour ministry statement on the data, in October 2020, around 7.15 lakh new members have joined the EPFO and approximately 2.40 lakh members exited during October 2020.

Earlier in July, provisional data had shown net new enrolments for the month of April stood at 1 lakh, which was revised down to 20,164 in August and further lowered to (-) 61,807 in September and (-) 1,04,608 in October. The number of net new enrolments in May was also revised further downwards to (-)1,43,540 from (-) 97,988 estimated last month and (-) 35,336 estimated in the data released in September.

Optimistic markets help EPFO to give 8.5pc interest rate

EPF Account: 5 Advances that your PF ac provides other than monthly deductions

UPSC releases notification for EPFO EO/AO recruitment exam 2020-21