educratsweb logo


EPFO adds 1.39 crore subscribers in last two financial years

Recently published provisional payroll data by EPFO highlights the ever growing trend of increasing subscriber base for EPFO, since the collation of payroll data from September 2017. The payroll data, presents the consolidated annual figures for 2018-19 and 2019-20. Net addition to subscriber base rose from 61.12 lakh added in 2018-19 to 78.58 lakh in 2019-20, registering a 28% growth. The data published comprises of all the new members who have joined during the month and whose contribution is received.

The subscriber growth is on account of lower exits and higher rejoining by exited members. The tax free returns of 8.5% for 2019-20, which is one of the highest among other social security instruments and fixed deposits, has helped EPFO reduce its exits for 2019-20 by around 10% as compared with previous year.

 

Moreover, there has been a robust increase of around 75% in terms of rejoining by the members exited from 43.78 lakh in 2018-19 to 78.15 lakh in 2019-20. The auto-transfer facility which enables hassle free transfer of PF balance from the old account to the new account on change of job has played a big role in ensuring continuity of membership in many cases.

Age wise analysis during 2019-20 indicates that for the age group 26-28, 29-35 and beyond 35 the net enrolment has increased by more than 50% compared to previous year. Rapid improvement in quality of service delivery in online mode has attracted the workforce of the country towards services of EPFO. Moreover, PF accumulation is no longer looked at as locked-in money. With EPFO settling COVID-19 advances within 3 days, PF accumulations are now seen as liquid assets that can timely meet the need of the subscribers during crisis. Similarly, PF advances can be availed in case of unemployment, marriage expense, higher education, housing and medical treatment.

Further, enrolment of female workers has gone up by around 22% during 2019-20 compared to previous years indicating greater female participation in formal workforce.

The data published indicates that a total of 1.13 lakh new establishments have commenced compliance for the first time during 2018-19 and 2019-10. Simplification of compliance process enabling establishments to obtain PF Code easily through portal and facility of filing electronic challan cum return (ECR) online has promoted voluntary compliance by establishments. 

Category wise analysis of industry indicates that Hospitals and Financing Establishments have shown greater than 50% growth while Trading & Commercial establishments, Textiles and establishments providing cleaning & sweeping services have all grown at greater than 20% in terms of net enrolment. It is indeed an indication that greater formalisation of jobs is taking place in the Indian employment market which is also corroborated by the 2019-20 Economic Survey.

 

EPFO adds 1.39 crore subscribers in last two financial years
Contents shared By educratsweb.com

Growth In India Over Two Years To Be Slightly Over 1%: IMF Gita Gopinath #News - Published on Saturday June 27 2020
if you have any information regarding Job, Study Material or any other information related to career. you can Post your article on our website. Click here to Register & Share your contents.
For Advertisment or any query email us at educratsweb@gmail.com

RELATED POST
1 Simba Movie trailer Download | Talented India 
2 First arrest under GST by Karnataka tax department; trader held for issuing bogus invoices
3 Railways to recruit 2.3 lakh people over next two years
4 UIDAI to set up Aadhaar Seva Kendras
5 Mann Ki Baat 2.0 | Programme on All India Radio (30.06.2019)
6 आरबीआई दे रहा नौकरी का सुनहरा मौका
7 Government approved 10% Reservation for Economically Backwards
8 UIDAI Stops Digital Wallets
9 Special status ends: J&K now a Union Territory with Assembly; Ladakh a separate UT
10 Jio Celebrations Pack | Daily 2 GB Free
11
12 शिवराज का मप्र की राजनीति से अध्याय खत्म
13 PhonePe Scratch Card Offers - Chance to Earn Rs. 1000 Per Money Transfer
14 You can soon order liquor online and get it home delivered
15 IPL auction: Learn base price of players
16 CG Vyapam Recruitment 2019 : कई पदों पर भर्तियां
17 TCS switches to online test to recruit engineering graduates
18 Central contractual employees to get paid like regular staff: Report
19 Shri Arjun Munda launches tribes India products on GeM and new website of TRIFED through video conference
20 Text of PM's address to the nation
21 Modi govt launches PM CARES Fund! Donate to help India fight Covid-19, get tax-benefit too
22 CAIT to launch national e-commerce marketplace Bharatmarket for retail traders
23 English Rendering of Prime Minister Shri Narendra Modi’s Address to the Nation on 12.5.2020
24 On directions of the Prime Minister, Home Ministry approves release of Rs 11,092 crores under State Disaster Risk Management Fund to All States
25 PM announces special economic package; comprehensive package of Rs 20 lakh crore
26 Extension of Lockdown up to May 31, 2020
27 Ministry of Minority Affairs releasesInfographics highlighting the initiatives and achievements of the over the last six years
28 Finance Minister announces Government Reforms and Enablers across Seven Sectors under Aatma Nirbhar Bharat Abhiyaan
29 The government will launch Tilhan Mission to make the country self-reliant in oilseed production.
30 Finance Minister announces Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus
31 Union Power Ministry writes to States/UTs extending Rs 90,000 crore package under Atmanirbhar Bharat Abhiyan
32 6 Cities rated 5 Star, 65 Cities rated 3 Star and 70 Cities rated 1 Star
33 Enrolment under PM Kisan Maan Dhan Yojana
34 Cabinet approves release of an additional instalment of Dearness Allowance and Dearness Relief due from 1.1.2020
35 Over 10.2 lakh Refunds worth Rs 4,250 crore issued in a week by CBDT to help taxpayers in COVID-19 pandemic situation
36 Union Home Minister lauds the slew of Structural Reform Measures announced by the Union Finance Minister today
37 Finance Minister announces short term and long-term measures for supporting the poor, including migrants, farmers, tiny businesses and street vendors
38 International Nurses Day observed
39 COVID-19: Relaxation from lockdown in Green zones
40 J&K to provide tap water to every household by December 2022
41 Effective Implementation of RERA can Restore Trust Between Buyer and Seller: Hardeep S Puri
42 Transformation of manufacturing companies post COVID-19,Research be brought closer to Industryand collaborations in overcoming COVID 19 challenge:
43 Lower rate of EPF subscription 10% with EPFO notified placing higher liquidity in the hands of employees and employers during COVID -19 pandemic
44 News agencies in India
45 Transformation of manufacturing companies post COVID-19,Research be brought closer to Industryand collaborations in overcoming COVID 19 challenge:
46 Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19
47 J&K Domicile Rules Notification is the dawn of a new era for Jammu & Kashmir, says Union Minister Dr Jitendra Singh
48 Today’s Announcements by FM to greatly boost our Rural Economy and Infrastructure, as well as provide Employment to crores of Poor people and Migrant Workers: Home Minister
49 CCI invites public comments regarding examination of non-compete restrictions under regulation of combinations
50 During COVID-19 lockdown Janaushadhi Kendras achieved a record sales turnover of 52 crore rupees in April 2020
We would love to hear your thoughts, concerns or problems with anything so we can improve our website educratsweb.com ! visit https://forms.gle/jDz4fFqXuvSfQmUC9 and submit your valuable feedback.
Save this page as PDF | Recommend to your Friends

http://educratsweb(dot)com http://educratsweb.com/content.php?id=2689 http://educratsweb.com educratsweb.com educratsweb