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Nearly 5 lakh people joined formal workforce in June

At least 4,98,262 people joined the formal workforce in June, according to the latest payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday

twitter-logoBusinessToday.In | August 20, 2020 | Updated 21:20 IST
Nearly 5 lakh people joined formal workforce in June
Employees Provident Fund Organisation (EPFO)

At least 4,98,262 people joined the formal workforce in June, according to the latest payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday. Almost half are fresh joinees out of the total new subscribers. The subscribers considered as fresh in the workforce belong to the 18-25 age group.

In the 18-21 age group, the number of new EPF subscribers stood at 1,32,323. In the 22-25 range, the number was recorded at 1,11,532. In May, the number stood at 303,388.

Net new enrolments with EPFO rose to 6.55 lakh in June from 1.72 lakh during May. Provisional payroll data last month had shown that net new enrolments stood at 3.18 lakh in May this year. The figure has now been revised to 1,72,174.

The net new enrolments dropped to 5.72 lakh in March 2020 from 10.21 lakh in February, as per the payroll data released in May. The data showed that net new enrolments in April were just 20,164 compared to the provisional figure of 1 lakh released in July.

The net new enrolments with the EPFO hover around 7 lakh every month on an average. During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal, according to the payroll data released on Thursday. The EPFO has been releasing the payroll data of new subscribers since April 2018, covering the period starting from September 2017.

Also read: COVID-19 impacts EPFO withdrawals: 8 million members pull out Rs 30,000 crore during April-July

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