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Recovery in formal job market pushes EPFO enrolments to 8.45 lakh in July

Source | economictimes.indiatimes.com | Yogima Seth Sharma

Delayed filing of returns and partial recovery in formal job creation pushed the net enrollments under the Employees Provident Fund scheme to 8.45 lakh in July, an all-time high so far this year but lower than the average enrollment of over 10 lakh a month. However, the newly registered workers under the Employees State Insurance scheme have seen a dip of 8.7% in July at 7,41,903 compared to 8,13,006 in June 2020.

The payroll data, released by the ministry of statistics and programme implementation on Friday, shows the members exiting the EPFO scheme fell to 3,12,744 as against 5,70,664 in June, which has been revised upwards while those who rejoined the scheme stood at 5,47,755 compared to 5,14,659 in June.

This has resulted in net subscriber addition to EPFO in July at 8,45,232 compared to 6,55,311 in June, 1,72,000 in May and barely 20,000 in April, which was the first month of the lockdown.

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Source
economictimes.indiatimes.com
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