Economy

EPFO data show jobs coming back

Our Bureau New Delhi | Updated on February 20, 2021 Published on February 20, 2021

12.54 lakh join in Dec, up 44% over Nov

The Employees Provident Fund Organisation (EPFO) added around 53.70 lakh subscribers during the first three quarters of the current financial year, the Union Labour Ministry said on Saturday. The provisional payroll data of EPFO showed that it had added 12.54 lakh subscribers in December 2020.

The Centre said the payroll data reflects a 44 per cent increase in net subscriber additions over November 2020. “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. The third quarter of the current financial year registered a 22 per cent growth over the second quarter in terms of net payroll addition, the government release said and attributed the growing trend to recent e-initiatives of EPFO.

It said 8.04 lakh new members have been covered under the ambit of EPFO in December. “Roughly 4.5 lakh net members exited and then rejoined EPFO indicating switching of jobs by the subscribers and subscribers choosing to retain membership by transferring funds rather than opting for final settlement. Increase in the number of members rejoining indicates that workers are returning to their jobs with decline in active Covid-19 cases,” the Ministry said.

Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka continued to lead in employment generation by adding 29.12 lakh net subscribers, out of 53.70 lakh added during the current financial year.

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Published on February 20, 2021
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