Business

EPFO net new enrolments grow 24% to 1.25 million in December



Net new enrolments with retirement fund body grew by 24 per cent to 1.25 million in December compared to the same month in 2019, according to the payroll data released on Saturday, providing a perspective on formal sector employment amid the coronavirus pandemic.


The Labour Ministry in a statement said that the provisional payroll data of Employees’ Provident Fund Organisation (EPFO) highlights a positive trend for net subscribers base growth with addition of 1.25 million subscribers in December, 2020.



It stated that year on year comparison of payroll data shows 24 per cent growth for December 2020, indicating return to the pre-Covid levels of subscriber growth for the


The data reflects increase of 44 per cent in net subscribers addition over the previous month of November, 2020.


Despite COVID-19 pandemic, the added around 5.37 million subscribers during the first three quarters of the current financial year (April to December in 2020), the data showed.


The third quarter of the current financial year (October-December) has registered a robust 22 per cent growth over the second quarter (July-September) in terms of net payroll addition, the ministry stated.


Growing trend in the EPFO payroll numbers and the accelerated expansion of the subscription base may partly be attributed to recent e-initiatives taken by the EPFO for seamless and uninterrupted service delivery in addition to the policy support for formalization of the economy through ABRY (Atmanirbhar Bharat Rojgar Yojana ), PMGKY (Pradhan Mantri Garib Kalyan Yojana) and PMRPY (Pradhan Mantri Rojgar Protsahan Yojana) schemes of Government of India, amid COVID -19 pandemic.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor




Source link

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this:

Adblock Detected

Disable Adblock to access site.