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EPFO enrolment picks up, 20 lakh enrol in first 5 months of FY21

TOI.in / Oct 21, 2020, 11.58 AM IST

Nearly 20 lakh people enrolled with the employees provident fund organisation in the first five months of the current fiscal, the provisional payroll data published by EPFO said on Tuesday. The enrolment rate, which dropped in the first quarter due to lockdown picked up pace again during July and August 2020. In a statement issued on Tuesday, the labour ministry said 7.49 lakh net new subscribers were added to the pension fund in July this year, accounting for 64% of the additions made in July 2019. In August, the figures improved to roughly 93% in comparison to last year. August 2020 also saw a 34% month-on-month jump in enrolment data over July when subscription figures jumped from 6.48 lakh to 6.70 lakh in August. In the corresponding period, fewer subscribers exited EPFO, with exit rates dipping by 50% — from 5.08 lakh in July to 2.46 lakh in August 2020.

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