EPFO Payroll data: Despite lockdown! Enrolment rates increase - All you need to know

Moreover, the subscriber base has grown by 3.18 lakh new net members during May 2020, registering a whopping 218% month on month growth.

Recently, Prime Minister Narendra Modi while addressing the India Global Week 2020 had said that Indian economy has started seeing green shoots of recovery. ians pic.

According to the latest data and information shared by Ministry of Labour and Employment, the provisional payroll data published by EPFO on 20th July, 2020 reveals that net new enrolments have started to make headway for most industry classifications in May 2020. Moreover, the subscriber base has grown by 3.18 lakh new net members during May 2020, registering a whopping 218% month on month growth.

Despite the lockdown, around 1 lakh net new subscribers were added to social security schemes of EPFO in April 2020. The data published comprises of all the new members who have joined during the month and whose contribution is received.

The subscriber base growth is on account of increased number of new subscribers, lower exits and higher rejoining by exited members. The new subscriber joining has increased roughly by 66% from 1.67 lakh in April to 2.79 lakh in May 2020. In addition, the exits from EPFO subscriber base declined by nearly 20% from 2.97 lakh in April to 2.36 lakh in May 2020.

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Recently, Prime Minister Narendra Modi while addressing the India Global Week 2020 had said that Indian economy has started seeing green shoots of recovery and that the country remains one of the most open economies in the world. "Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green shoots when it comes to economic recovery," Modi had said.

“The number of members who exited and then rejoined, indicates switching of jobs by subscribers within the establishments covered by EPFO. This has also increased by approximately 19% for the month of May 2020 over April 2020, with more subscribers choosing to retain membership by transferring funds rather than opting for final settlement,” Ministry of Labour and Employment said.

EPFO manages social security funds of workers in the organised/semi organised sector in India and has more than 6 crore active members. The payroll data is provisional as updation of employee records is a continuous process and it gets updated in subsequent months.

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