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EPFO data: New members registration hit 4-month low

Job creation slowed down in non-farm sectors during February as new member registrations with the EPFO for its various schemes declined to a four-month low of 4,72,075 during the month, according to the monthly data released by the retirement fund body on Wednesday. 

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EPFO data: New members registration hit 4-month low
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Job creation slowed down in non-farm sectors during February as new member registrations with the EPFO for its various schemes declined to a four-month low of 4,72,075 during the month, according to the monthly data released by the retirement fund body on Wednesday. 

As many as 6,04,557 such members were registered in January 2018 and 5,57,633 in December 2017, the latest data by the Employees' Provident Fund Organisation (EPFO) about all non-zero contributors or new members that are registered with the body every month showed. 

The number of all non-zero contributors registered with the EPFO was 647,019 in November, 3,93,904 in October and 4,35,283 in September last year. 

The EPFO said that these estimates may include temporary employees whose contributions may not be continuous for the entire year.

All establishments across the country with 20 or more employees whose basic wages are up to Rs 15,000 are required to be mandatory covered under the social security schemes run by the EPFO. 

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

The maximum employment of 139,032 was generated in age bracket of 22-25 years in February, 2018 while in January, 2018, the highest number of new registered members were in 18-12 year age bracket. 

EPFO also said that it it will inform its subscribers if contributions are not deposited by their employers with the body for a given month in due time. 

At present, Employees' Provident Fund Organisation (EPFO) only informs about the credit of contribution to subscribers account by SMS/email to registered universal (EPF) account number holders.

"The members whose contributions are not deposited in time remain uninformed. In order to bring more transparency, it has been decided that an intimation by way of SMS/email shall be sent to members (who have registered their Mobile Number / email ID against respective Universal Account Number) in respect of whom contribution has not been deposited by the employer with EPFO for a given month in due time," an EPFO statement said. 

(with inputs from PTI)

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