Improvement in employment conditions! New EPFO ​​subscribers increase by 56% in October 2020

More than 11 lakh new EPFO ​​subscribers have been added in October 2020 amid the Corona crisis.

More than 11 lakh new EPFO ​​subscribers have been added in October 2020 amid the Corona crisis.

According to the Employee Provident Fund Organization (EPFO), a total of 39.33 lakh new subscribers are associated with the organization in April-October 2020 during the current financial year. Only in October 2020, 11.55 lakh new subscribers are associated with EPFO.

  • News18No
  • Last Updated:
    December 20, 2020, 11:46 PM IS

new Delhi. As the relaxation in the Corona crisis increased, economic activities started gaining momentum. In such a situation, people who lost jobs during lockdown (Job Loss) again started getting employment. According to the Employees Provident Fund Organization (EPFO), only 11.55 lakh new subscribers are associated with the organization in October 2020. At the same time, in October 2019, 7.39 lakh new subscribers were attached to the EPFO. In other words, in October 2020, there has been a 56 percent increase in new EPFO ​​subscribers on an annual basis. The EPFO ​​says that this is giving a clear indication of improvement in the formal sector employment situation.

Fewer new subscribers added compared to September 2020
However, the Ministry of Labor says that in October 2020, the number of employees on payroll has decreased slightly compared to September. In September 2020, 14.19 lakh people were placed on payroll. It is also clear from the data of EPFO ​​that in September 2020, 14.9 lakh new subscribers were associated with the organization. The data shows that in April 2020, the number of new subscribers moved to negative (-1,79,685), which improved in November (-1,49,248). Going into the negative zone means that the number of people who left the EPFO ​​was more than those who joined or rejoined. According to the Labor Ministry, around 2.40 lakh EPFO ​​subscribers have also left the organization in October 2020.

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According to EPFO ​​data, the number of employees joining the organization in July 2020 was 8.45 lakh, which was double as compared to June. During July 2020, 8.45 lakh new subscribers were added to EPFO, compared to 4.82 lakh new employees in June 2020. According to the EPFO, net registrations in May declined to 5.72 lakhs as compared to March 2020, compared to 10.21 lakh new employees in February. The total number of new subscribers was 78.58 lakhs during the year 2019-20, which was 61.12 lakhs in the financial year 2018-19.

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