New Delhi: Temporary Payroll Data from the Pension Fund Agency, Employee Fund Organization, showed a growing trend with the addition of 12.8 lakh payroll during June.
According to month-onmonth analysis, 5 lakh customers were added during June compared to May.
Data suggests the impact decreases from the second wave of Covid, with the addition of net salaries to increase compared to April and May.
“Of the total 12.8 Lakh Net customers added, 8.1 lakh new members had been under the scope of social security from the employee’s self-giving fund scheme for the first time.
During the month (June), around 4.7 Lakh Net customers came out but joined back with the EPFO by changing work in the company covered by the EPFO.
This shows that the majority of customers choose to continue their membership with the EPFO, transfer funds from previous jobs to the current PF account than applying the final withdrawal of their PF accumulation, “said a statement Ministry of Manpower.
Payroll data also suggested that around 6.1 lakh people added to the payroll data were in the age group 18-25 years, contributing 47.8% of the total net addition in June.
Covid impact easing? Epfo added 12.8 lakh customers during June
