EPFO  enrollment rates increase from 1lakh till 3.18 lakh net new subscribers between April and May

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EPFO
EPFO

The provisional payroll data published by EPFO on 20th July, 2020 depicts that net new enrollments has initiated to make headway for most industry classifications in May 2020.  The subscriber base has increased by 3.18 lakh new net members on May 2020. It registered an enormous 218% month on month growth.

In site of the lockdown, around 1 lakh net new subscribers were inoculated to social security schemes of EPFO in April 2020.  The data published comprises of all the new members who have joined during the month and whose contribution is received.

As per the data point of aspect, compare to the existing members increased with the new members. The new subscriber joining has increased roughly by 66 % from 1.67 lakh in April to 2.79 lakh in May 2020. Additionally, the exits from EPFO subscriber base declined by nearly 20% from 2.97 lakh in April to 2.36 lakh in May 2020.

Category wise analysis of industry indicates that building & construction sector, hotels, transport; electrical, mechanical or general engineering products; education and textiles were unfavorably impacted by the COVID-19 pandemic in the month of April 2020. Most of these sectors had registered negative enrollment for April 2020. Expert services industry classification that includedaround 4 lakh members every month during pre-Covid-19 period. Expert services previously consist of man power agencies, private security agencies and small contractors.

All these sectors, except education sector which is still affected because of lockdown continuing in schools and colleges. This has shown positive growth for month of May 2020. Expert services have recorded a 125% month on month growth by adding around 1.8 lakh net new subscribers in May 2020.

EPFO manages social security funds of workers in the organized/semi organized sector in India and has more than 6 crore active members. The payroll data is provisional as anupdating of employee records is a continuous process and it gets updated in subsequent months.