Boost to Employees Provident Fund: 79 lakh new PF accounts opened in FY20

By: |
Updated: May 21, 2020 9:32:12 AM

The data of net new subscribers is based on the Universal Account Number (UAN) generated in the system and where the first non-zero subscription was received, the EPFO said.

The EPFO said its data is provisional as updation of employees records is a continuous process.The EPFO said its data is provisional as updation of employees records is a continuous process.

An estimated 79 lakh new members, around 29% more compared with 2018-19, got registered with the Employees’ Provident Fund Organisation (EPFO) in 2019-20, as per the net payroll data of the retirement fund body.

The data of net new subscribers is based on the Universal Account Number (UAN) generated in the system and where the first non-zero subscription was received, the EPFO said.

In 2018-19, an estimated 61.12 lakh new subscribers joined the retirement scheme. The estimates are net of the members newly enrolled, exited and rejoined during the period.

The EPFO said its data is provisional as updation of employees records is a continuous process. The estimates may include temporary employees whose contributions may not be continuous, it said.

A total of 5.72 lakh net new members were registered with the retirement fund body in March, its fourth-lowest during the year. In February, the number was 10.34 lakh, its highest. The lowest enrollment was in May when only 3.10 lakh net new subscribers joined in.

The EPFO has been releasing the age-wise payroll data since April 2018, covering data from September 2017. Between September 2017 and March 2018, the net new enrollments were 15.53 lakh.

The EPFO manages social security funds of workers in the organised/semi-organised sector in India, and it has more than 6 crore active members (with at least one month contribution during the year).

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Real estate may bounce back sooner than expected post Covid-19
2Looking to buy term insurance? Buy now or pay up to 40% more!
3Taking EMI moratorium from SBI, ICICI Bank, Axis or any lender? Here’s why you should try to stop