EPFO records 10.05 lakh new enrolments in August

New Delhi: Net new enrolments with retirement fund body EPFO rose to 10.05 lakh in August from 7.48 lakh in July 2020, according to its latest payroll data, providing a perspective on employment in the formal sector amid the coronavirus pandemic.

Provisional payroll data released by the EPFO last month had shown that net new enrolments stood at 8.45 lakh in July this year. The figure has now been revised down to 7.48 lakh.

The net enrolments with the Employees' Provident Fund Organisation (EPFO) had dropped to 5.72 lakh in March 2020 from 10.21 lakh in February, according to the payroll data released in May.

Latest data released on Tuesday showed that net new enrolments in April were in the negative zone at (-) 1,04,608 against the figure of (-) 61,807 released in September. This means that the number of members who exited the EPFO subscription was more than those who joined or rejoined the scheme. Earlier in July, provisional data had showed net new enrolments for the month April stood at 1 lakh, which was revised down to 20,164 in August and further lowered to (-) 61,807 in September.

The number of net new enrolment in the month of May was also revised to (-) 35,336, from 40,551 estimated in the data released last month.