Source | economictimes.indiatimes.com | Yogima Seth Sharma
Net new enrollments under the Employees’ Provident Fund Organisation in 2021-22 surpassed all records and stood at 12.2 million compared to 7.71 million in 2020-21, 7.8 million in 2019-20 and 6.11 million in 2018-19, suggesting a sharp rise in formal job creation in the country.
Even the net new enrollments in March at 1.53 million were the highest addition in a month in the last fiscal and a jump of 19.5% compared to February when it stood at 1.28 million, shows the provisional data.
This is on the back of several new establishments that have come into the EPFO fold for the first time and remitted contributions of its employees with the retirement fund body.
EPFO’s provisional payroll data, released by the labour ministry on Friday, shows 0.118 million establishments contributed for the first time in March compared to 78,133 establishments in February.