EPFO registers 3.18 lakh new subscribers in May 2020
Union Ministry of Labour and Employment has said that the subscriber base for Employees’ Provident Fund Organization- EPFO has grown by 3.18 lakh new net members during May 2020. It has registered 218 per cent month on month growth. The Ministry said, despite the lockdown, around one lakh net new subscribers were added to social security schemes of EPFO in April 2020. The Ministry said, the provisional payroll data published by EPFO on 20th of this month reveals that net new enrollments started making headway for most industry classifications in May.
The Ministry said, the subscriber base growth is on account of increased number of new subscribers, lower exits and higher rejoining by exited members. It said, the new subscriber joining increased by 66 per cent 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 per cent from 2.97 lakh in April to 2.36 lakh in May this year. The Ministry said, new establishments registered with EPFO also witnessed a growth of around 72 per cent with eight thousand 367 new establishments registering in May and compared to four thousand 853 establishments in April 2020.