On the app, EPFO members can access 19 distinctive solutions of EPFO via their mobile telephone.
At 14.9 lakh in September this year, net addition to the EPF subscribers base was not just the highest so far in the existing fiscal, but also much more than double the month-to-month typical net addition of 6.55 lakh recorded in 2019-20, according to official information. The net subscribers’ addition in September 2020 is also 70% greater than the revised figure for the preceding month.
Employees’ Provident Fund Organisation (EPFO) arrives at the net addition to its subscribers’ base deducting from these who exited the scheme throughout a certain month from the total of these who rejoined the scheme and these got registered anew.
According to EPFO’s personal admission, the “data is provisional as updation of employee’s records is a continuous process and gets updated in subsequent month/s.” And, also the reality is that “the estimates may include temporary employees whose contributions may not be continuous for the entire year.”
Hence, the payroll information is never ever robust adequate to draw quick conclusions from. And there are causes for that as effectively. EPFO’s payroll information, which comes with a lag, showed 1.33 lakh net addition to the subscribers’ base in April when it was very first released in June.
The similar quantity is now becoming shown in the most current release as minus (-) 1.49 lakh! However, the September information shows, the maximum net addition of 3.9 lakh to the subscribers’ base was from the more than 35 years age bracket, followed by 3.34 lakh from the 22-25 years bracket.
One curious aspect of the EPFO payroll information is also the higher frequency of subscribers stopping contributions. For instance, as quite a few as 2.8 lakh folks ceased subscriptions in September 2020, compared to 10.47 lakh new subscribers joining throughout the month. Of course, 7.23 lakh workers who earlier stopped contributing to the EPF rejoined throughout the month, resulting in net additions of 1.49 lakh new subscribers.