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EPFO added around 12.73 lakh net subscribers during October 2021.
New Delhi: Net new enrolments with retirement fund body Employees’ Provident Fund Organisation (EPFO) grew by nearly 20% to 12.37 lakh in February compared to the same month in 2020, according to the payroll data released on Tuesday, providing a perspective on formal sector employment amid the coronavirus pandemic.
The provisional payroll data of EPFO highlights a growing trend with the addition of 12.37 lakh net subscribers during the month of February, 2021, a Labour Ministry statement said. The data reflects growth of 3.52% in net subscribers addition in February 2021 over January 2021.
“Year-on-year comparison of payroll data indicates an increase of 19.63% in net subscribers as compared to the corresponding period in February 2020,” the ministry said.
Despite COVID-19 pandemic, the EPFO has added around 69.58 lakh net subscribers during the current financial year (till February 2021). During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal, the data showed.