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EPFO: 12.54 lakh net new subscribers added in December

EPFO: 12.54 lakh net new subscribers added in December
EPFO started crediting 8.5% interest for 2019-2020 to around six crore EPF subscribers in December
(MINT PRINT)Premium
The net new enrolments with EPFO increased 24% year-on-year in December, the data showed
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Net employment generation in the formal sector stood at 12.54 lakh in December according to the latest Employees Provident Fund Organisation (EPFO) payroll data. The net new enrolments with EPFO increased 24% year-on-year in December, the data showed.
The provisional payroll data of Employees Provident Fund Organisation (EPFO) highlights a positive trend for net subscribers base growth with addition of 12.54 lakh subscribers in December, 2020, the labour ministry said in a statement. The data also highlighted a jump of 44% in net subscribers addition over the previous month of November, 2020. ....

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Why Employees Across India Still Prefer Parking Their Money In The EPF

Why employees across India still prefer parking their money in the EPF
Easy withdrawal, especially during emergencies, has made this old stalwart a sought-after option, to the extent that many voluntarily contribute more money to the fund (VPF). However, the NPS offers asset allocation, something the EPF doesn’t.
January 22, 2021 / 06:34 PM IST
Mumbai-based Malvika Chavan, 27, who worked as a guest relations executive at a hotel, lost her job last April amid the coronavirus outbreak. A couple of months on, she still hadn’t found a job and was finding it hard to make ends meet, with her savings getting depleted. Considering that she had been unemployed for 60 days, Chavan was able to dip into her Employees’ Provident Fund (EPF) kitty for funds till she found another job. ....

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