Formal job creation declines in March: EPFO
Out of 13.40 lakh members added during the month, around 7.58 lakh new members have come under the ambit of EPFO for the first time.
Out of 13.40 lakh members added during the month, around 7.58 lakh new members have come under the ambit of EPFO for the first time.
Out of 13.96 lakh members added during the month, around 7.38 lakh new members have come under the ambit of EPFO for the first time.
The interest rate would be officially notified in the government gazette after approval of the Ministry of Finance.
EPFO subscribers can now opt for higher pensions by applying jointly with their employers.
The EPFO has now allowed subscribers and their employers to jointly apply for higher pensions under the Employees' Pension Scheme (EPS).
The net enrollment in the month is 21.85% higher than the monthly average recorded during the last fiscal.
Of the total 14.60 lakh net subscribers added, 9.11 lakh new members have been enrolled under EPF & MP Act, 1952 for the first time, says EPFO.
The age group of 22-25 years registered the highest number of net enrolments with 3.64 lakh additions.
Drastic downward revision of the number of gross new EPFO subscribers month after month is complicating the picture of overall job creation.