In India, various EPFO schemes are very prominent. As a result, EPFO net new enrolments grow. According to EPFO info, there has been an upward trend with the addition of 12.37 lakh gross subscribers in February 2021. In this article, we will look at this update in detail. In addition, we will also understand EPF, EPF Registration, its benefits so you can utilize them too.
EPFO net new enrolments grow compared to previous data
In February, net new enrolments with the retirement fund body EPFO increased by approximately 20% to 12.37 lakh, relative to the same month in 2020.
It provides a significant perspective that despite the coronavirus pandemic, the growth trend is increasing in the formal sector.
Provisional payroll data of EPFO about net new enrolments
EPFO’s preliminary payroll data shows a rising pattern, with 12.37 lakh net subscribers added in February 2021. Furthermore, the labor ministry claims the same.
In addition, The figures show a 3.52 percent increase of EPFO Net New enrolments growing in February compared to January.
Labour Ministry on the EPFO net New Enrolments grow.
According to the ministry, a year-over-year analysis of payroll results shows a 19.63 percent growth in net subscriptions relative to the same timeframe in February 2020. Despite the COVID-19 pandemic, the EPFO added about 69.58 lakh net subscribers this fiscal year (till February 2021).
According to the numbers, the number of net new subscribers increased to 78.58 lakh in 2019-20, up from 61.12 lakh the previous fiscal year.
What is EPF?
Employees pay 12% of their base wage + DA to the EPF. It is a government scheme. In addition to the employee’s contribution, The employer also pays equally to administrative costs, plus an extra 1.36 percent.
When is EPF Registration Mandatory?
It is compulsory for all workers with a wage of less than or equivalent to fifteen thousand dollars. It is also deemed necessary for businesses with more than 20 employees.
Moreover, the government also promotes every business to get EPF Registration to avail of its unlimited benefits.
Profits of EPF Registration
The significant advantages of EPF or PF are as follows.
- It aids in the transition to a post-retirement lifestyle and continues to finance retirement.
- It also aids in obtaining tax exemption.
- In comparison to other schemes, the interest rate is spectacular.
- There’s no reason to spend a large amount of money all at once
- Opening an EPF account is very easy.
- One can use EPF as a financial backup when unemployed.
How to get EPF Registration?
You can comfortably get EPF Registration on our website by simply providing the following details.
- Companies name and address
- Information about the headquarters and branches
- Date of the company’s formation
- Total number of Employees
- Nature of the business
- Details of the director/partners
- Basic information about the employee
- Salary information for employees
- The company’s bank account details
- PAN (Permanent Account Number) card
In case, you need any kind of direction connected with the EPF Registration, please feel free to communicate with our business advisors at 8881-069-069.
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