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.
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.
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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.
Source: Financial Express