The federal government on Thursday mentioned that the subscriber base of the Staff’ Provident Fund Organisation (EPFO) has gone up by greater than 8.four lakh throughout the first quarter (April-June) of the present monetary yr. In response to an official launch by the Ministry of Labour and Employment, the COVID-19 pandemic had adversely affected the enrolments within the months of April and Might. Regardless of the lockdown, round 0.20 lakh and 1.72 lakh internet new subscribers had been added to social safety schemes of EPFO in April and Might respectively. Nonetheless in June, EPFO witnessed an addition of 6.55 lakh internet subscribers registering a 280 per cent month-on-month development. The info printed includes all the brand new members who joined throughout the month and whose contribution was obtained.
“The subscriber base development is on account of elevated variety of new subscribers, decrease exits and better rejoining by exited members,” the discharge mentioned.
The info nonetheless is in divergence with a current report printed by personal think-tank Centre for Monitoring Indian Financial system (CMIE), which mentioned that as many as 1.39 crore salaried individuals misplaced their jobs between April-June. CMIE additional mentioned that one other 50 lakh misplaced jobs in July.
The variety of members who exited after which rejoined, signifies switching of jobs by subscribers inside the institutions lined by EPFO. Thursday’s launch by the federal government confirmed that this has additionally elevated by roughly 44 per cent for the month of June over Might 2020, with extra subscribers selecting to retain membership by transferring funds fairly than choosing ultimate settlement.