Money

EPF subscribers base records highest rise in current fiscal, up 15 lakh in September: Govt

EPFO’s payroll information, which comes with a lag, confirmed 1.33 lakh web addition to the subscribers’ base in April when it was first launched in June.

At 14.9 lakh in September this yr, web addition to the EPF subscribers base was not simply the highest to this point in the current fiscal, but in addition greater than double the month-to-month common web addition of 6.55 lakh recorded in 2019-20, based on official information. The web subscribers’ addition in September 2020 can also be 70% increased than the revised determine for the earlier month.

Employees’ Provident Fund Organisation (EPFO) arrives on the web addition to its subscribers’ base deducting from those that exited the scheme throughout a selected month from the full of those that rejoined the scheme and people obtained registered anew.



According to EPFO’s personal admission, the “data is provisional as updation of employee’s records is a continuous process and gets updated in subsequent month/s.” And, additionally the very fact is that “the estimates may include temporary employees whose contributions may not be continuous for the entire year.”

Hence, the payroll information is rarely strong sufficient to attract speedy conclusions from. And there are causes for that as properly. EPFO’s payroll information, which comes with a lag, confirmed 1.33 lakh web addition to the subscribers’ base in April when it was first launched in June.

The identical quantity is now being proven in the most recent launch as minus (-) 1.49 lakh! However, the September information exhibits, the utmost web addition of three.9 lakh to the subscribers’ base was from the over 35 years age bracket, adopted by 3.34 lakh from the 22-25 years bracket.

One curious facet of the EPFO payroll information can also be the excessive frequency of subscribers stopping contributions. For occasion, as many as 2.8 lakh folks ceased subscriptions in September 2020, in comparison with 10.47 lakh new subscribers becoming a member of in the course of the month. Of course, 7.23 lakh staff who earlier stopped contributing to the EPF rejoined in the course of the month, ensuing in web additions of 1.49 lakh new subscribers.

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