10.13 million New PF subscriptions in the last quarter: EPFO Data

New Delhi, July 10 (KNN) More than 10 million members have been registered with the Employees Provident Fund Organization (EPFO) in the past quarter, data by EPFO reveals. The rise in number of fresh enrolments comes as a result of the Amnesty scheme by the organization that was introduced in December last year and initially expired by 31^st March 2017.

Following this, intervention by industry bodies including Federation of Indian Micro and Small and Medium Enterprises (FISME) urged the Prime Minister’s Office (PMO) for extending the AMNESTY till June 2017 since many of the Micro, Small and Medium Enterprises (MSMEs) were not able to complete the registration by March.

Under the Amnesty, the employers were given the opportunity to declare their unregistered employees with a 1 rupee fine per annum.

As per the data by the EPFO, the subscriber base increased by 26 per cent adding 10.13 million registrations in the EPFO database. This number is slightly more than the projection of 10 million registrations by experts earlier.

The Data further informs that maximum number of registrations is from states including Gujarat, Haryana, Mumbai, Maharashtra, Uttar Pradesh, Rajasthan, Delhi and Uttarakhand.

Not only does the data helps formalize the sector, it will also help evolve public policies and social welfare program initiatives by the government. (KNN/ DA)