Business Desk, Tech for FTCP, New Delhi
Updated Mon, 21 Sep 2020 11:22 AM IST
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The provisional data released last month of the EPFO payroll, ie, employees on regular pay, had net registration of 6.55 lakh registrations in June this year. This figure has now been revised to 4,82,352. As per the payroll data released in May, the net registration with EPFO declined to 5.72 lakh in March 2020 from 10.21 lakh in February.
The net registration was negative in April and declined to 61,807. Whereas in August the figure was 20,164. This means that in April, more people joined the EPFO than it was. Earlier, according to provisional figures in July, there was a talk of one lakh new registrations in April. It was later revised to 20,164 in August.
The net registration with EPFO is around seven lakh on an average every month. According to the latest payroll figures, the net new subscribers increased to 78.58 lakh in FY 2019-20 from 61.12 lakh in the previous financial year. EPFO is releasing payroll data of new shareholders from April 2018. It has taken data from September 2017.
The total number of new shareholders was 1.68 crore during September 2017 to July 2020. The EPFO states that payroll data is temporary and its updating is a continuous process. It is updated in the coming months. According to the Employees Provident Fund Organization, the figure is based purely on the connected members. These estimates may also include temporary employees whose contributions may not continue throughout the year.
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