EPFO LATEST NEWS: 10.34 lakh new enrollments in February 2020
EPFO LATEST NEWS: New enrollments in February 2020
EPFO LATEST NEWS:, The Ministry of statistics and program implementation, on Friday, said 10.34 lakh new enrolments were recorded within the Employees’ Provident Fund Organisation (EPFO) in February 2020, compared with 10.71 lakh within the preceding month.
However, during the April-February period in 2019-20, the amount of net new subscribers rose to 76.53 lakh compared to 61.12 lakh recorded by the EPFO within the entire 2018-19.
The net new enrolments were 15.52 lakh during September 2017-March 2018. the newest data showed that in September 2017-February 2020, around 3.29 crore (gross) new subscribers joined the Employees’ Provident Fund Scheme.
The report, titled ‘Payroll Reporting in India: An Employment Perspective – February 2020’, said that since the amount of subscribers is from various sources, there are elements of overlap and therefore the estimates aren’t additive.
The report gives different perspectives on the amount of employment within the formal sector and doesn’t measure employment at a holistic level.
Around 11.56 lakh new members joined the ESIC-run Social Security scheme in February 2020 against 12.19 lakh members within the previous month, consistent with the payroll data of the Employees’ State Insurance Corporation (ESIC).
The report said gross enrolments of latest subscribers with ESIC were 1.49 crore during 2018-19. It also showed that in the amount from September 2017 to February 2020, around 3.75 crore new subscribers joined the ESIC scheme.
The report noted that gross new enrolments with ESIC during the September 2017-March 2018 period were 83.35 lakh.
Since April 2018 this Ministry has been bringing out the employment-related statistics within the formal sector covering the amount September 2017 onwards, using the knowledge on the amount of subscribers who have subscribed under three major schemes, namely the Employees’ Provident Fund (EPF) Scheme, the Employees’ State Insurance (ESI) Scheme and therefore the National Pension Scheme (NPS).
While EPF is applicable to establishments having quite 20 workers, ESI is applicable to establishments having quite 10 workers and NPS is applicable to any citizen of India, whether resident or non-resident, individuals who are aged between 18 – 60 years.