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EPFO net subscribers rise 56% to 11.55 lakh in October this year

The provisional payroll data of EPFO was released yesterday. It reveals that EPFO has added 11.55 lakh net subscribers in the month of October this year.

The provisional payroll data of EPFO was released yesterday. It reveals that EPFO has added 11.55 lakh net subscribers in the month of October this year. Despite the COVID-19 pandemic, EPFO has added around 39.33 lakh subscribers during the current financial year from April to October, 2020. The data published comprises of members who have joined during the month and whose contribution has been received by EPFO for the wage month.

Year-on-year comparison shows that October, 2020 has registered a healthy 56 per cent growth in terms of net payroll addition as compared to net subscriber growth of 7.39 lakh registered during October last year, indicating robust recovery to pre Covid-19 levels.

In October 2020, around 7.15 lakh new members have joined EPFO and approximately 2.40 lakh members exited. Roughly 6.80 lakh members exited and then rejoined EPFO, indicating switching of jobs by subscribers within the establishments covered by EPFO and subscribers choosing to retain membership by transferring funds rather than opting for final settlement. Exited members rejoining also indicate that workers are returning to their jobs with decline in active COVID-19 cases in India.

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