According to the Employees Provident Fund Organization, the figure is based purely on the members involved. These estimates may also include temporary employees whose contribution may not continue throughout the year.
New Delhi: The number of members who joined the Employees Provident Fund Organization (EPFO) net in July increased to 8.45 lakh. Whereas in June 2020 this figure was 4.82 lakhs. This data released on Sunday shows that the employment situation in the organized sector is improving.
These figures of the regular wage earners of the EPFO give information about the employment situation in the organized sector during Kovid-19. The provisional figures released last month of the EPFO payroll, ie, employees on regular salary, said that in June this year, 6.55 lakh enrollment was net. This figure has now been revised to 4,82,352.
According to the payroll data released in May, the net enrollment with EPFO declined to 5.72 lakh in March 2020 from 10.21 lakh in February. According to the latest data released on Sunday, net enrollment was negative in April and declined by 61,807 as compared to 20,164 in August. This means that in April, more people got out of the EPFO than it was.
before this , according to provisional figures in July, in April, there was a net enrollment of one lakh new enrollments. It was subsequently revised to 20,164 in August. The net registration with EPFO is about 7 lakhs on an average every month.
According to the latest payroll figures, the net new shareholders increased to 78.58 lakh in FY 2019-20 from 61.12 lakh in the previous financial year. EPFO is releasing payroll data of new shareholders from April 2018. In this, figures have been taken from September 2017.
figure also shows that during September 2017 to July 2020, the number of new shareholders was 1.68 crore. The EPFO says that the payroll data is temporary and its updating is a continuous process. It is updated in the coming months.
According to the Employees Provident Fund Organization, the figure is based purely on the members involved. These estimates may also include temporary employees whose contribution may not continue throughout the year. The EPFO manages social security schemes in the organized / semi-organized sector. The number of its active members (whose contribution comes at least one month during the year) is six crore.