New net registrations with the EPFO pension fund body rose to 14.9 lakh in September from 8.8 lakh in August 2020, according to its latest payroll data, offering a perspective on employment in the formal sector amid the coronavirus pandemic.
Provisional payroll data released by EPFO last month showed net new registrations stood at 10.05 lakh in August this year. The figure has now been revised to 8.8 lakh.
Net enrollments in the Employee Provident Fund Organization (EPFO) had fallen to 5.72 lakh in March 2020 from 10.21 lakh in February, according to payroll data released in May.
The latest data released on Friday showed new net listings in April to be in the negative zone at (-) 1.49,248 against the (-) 1.04,608 figure released in October. This means that the number of members who left the EPFO subscription was higher than those who joined or joined the program.
Earlier in July, provisional data showed new net listings for April stood at 1 lakh, which was revised to 20,164 in August and lowered further to (-) 61,807 in September.
The number of net new registrations in May was also revised to (-) 97,988 against (-) 35,336 estimated in data released last month.
New net registrations at EPFO are around 7 lakh per month on average.
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In 2019-2020, the number of new net subscribers rose to 78.58 lakh against 61.12 lakh in the previous year.
EPFO has published payroll data for new subscribers since April 2018, covering the period starting from September 2017.
The data also showed that in September 2017-September 2020, the number of new net subscribers was over 1.86 crore.
According to a Ministry of Labor data statement, EPFO added 14.90 lakh of net subscribers in September 2020, increasing its subscriber base by around 30.92 lakh in the first two quarters. of the current fiscal year.
He also said that a year-over-year comparison shows September 2020 saw healthy 49% growth in net payroll additions.
“The second quarter payroll net addition figures for FY’21 are 30.34 lakh, which is approximately equal to the second quarter payroll figures for FY’20. This indicates a strong recovery to pre-Covid-19 levels, ”he said.
The number of members who left and then reinstated indicates both a change of employment on their part within the establishments covered by the EPF scheme and of subscribers who choose to keep their membership by transferring their PF accumulations rather than opting for a final withdrawal. The figure increased by around 10%, from 6.53 lakh in August to 7.23 lakh in September 2020.
Analysis by age indicates that in September the maximum number of new additions was in the over 35 age group, followed by 18-21 and 22-25, respectively.
The over 35 age group saw remarkable growth in net additions from around 1.24 lakh in August to 3.90 lakh in September. Growth in this age group indicates the return of jobs to experienced workers.
Members of the 18-25 age group can be seen as new hands in the workforce and also experienced a strong revival, accounting for almost 42 percent of new subscribers. A cross-state comparison shows that Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka have remained at the forefront of the employment recovery cycle, adding about 54 percent of the total of 30, 34 lakh of net payroll additions for the second quarter of fiscal year 21 across all age groups. .
A categorical analysis of the industry indicates that the “expert services” category continued to recover, adding 47 percent of net payroll in the second quarter. The ministry said data for some other industries such as building and construction with additions of 1.62 lakh, followed by engineers and engineering contractors (1.57 lakh) and electrical, mechanical and engineering products general (1.51 lakh) during the second quarter show that the recovery has started recovery in other sectors as well.
EPFO said payroll data is provisional as updating employee records is an ongoing process and is updated in the following months.
“The government announced the lockdown on March 24, 2020. As a result, the date for filing RCTs (PF returns) for the month of March has been extended until May 15, 2020,” EPFO said in May during data publication.
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In June, he said: “The deadline for submitting RCTs for April 2020 has been extended due to the lockdown.” Estimates are net of new members registered, members left and reinstated during the month, according to EPFO records.
Estimates may include temporary employees whose contributions may not be continuous throughout the year, he said.
EPFO manages social security funds for workers in the organized / semi-organized sector in India. It has more than 6 crores of active members (with at least one month of contribution during the year).