EPFO net new enrolments grow nearly 20% to 12.37 lakh in February

New Delhi: Net new enrolments with retirement fund body EPFO grew by nearly 20 per cent to 12.37 lakh in February compared to the same month in 2020, according to the payroll data released on Tuesday, providing a perspective on formal sector employment amid the coronavirus pandemic.

The provisional payroll data of EPFO highlights a growing trend with the addition of 12.37 lakh net subscribers during the month of February, 2021, a Labour Ministry statement said. The data reflects growth of 3.52 per cent in net subscribers addition in February 2021 over January 2021. "Year-on-year comparison of payroll data indicates an increase of 19.63 per cent in net subscribers as compared to the corresponding period in February 2020," the ministry said.

Despite COVID-19 pandemic, the EPFO has added around 69.58 lakh net subscribers during 2020-21 (till February 2021). During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal, the data showed.

The number of net enrolments with the body was revised downwards to 11.95 lakh for January 2021 from earlier provisional estimates of 13.36 lakh for the month released in March 2021. Since April 2018, EPFO has been releasing payroll data covering the period September 2017 onwards.

According to the latest data, net new enrolments in April 2020 were in the negative zone at (-) 2,72,900 against the figure of (-) 2,55,559 released in March. This means that the number of members who exited the EPFO subscription was more than those who joined or rejoined the scheme.

The number of net new enrolments in May 2020 was also revised downwards to (-) 2,72,328 from (-) 2,47,991 estimated in March. Net new enrolments for June 2020 were revised down to 1,39,789 from 1,65,607 released in March 2021.

The net new enrolments for July 2020 were also revised downwards to 5,15,428 from 5,35,720 for the month released in March 2021. For August it was revised to 6,42,446 from 6,67,325 earlier. The net new enrolments for September 2020 were revised down to 12,31,042 from 12,60,877 for the month released in March 2021. For October, it was revised to 9,00,037 from 9,34,574 earlier.