EPFO ​​Registration: Migrant laborers sending more money to their homes after lockdown, EPFO ​​registration increased: report

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There are signs of rapid improvement in the country’s economy. According to a report by SBI Research, there was an increase in sending money to migrant laborers in September and it reached above the level of February. Similarly, SBI Research report released on Tuesday said that the number of new registrations in Employees Provident Fund Organization (EPFO) has also increased.



Another good thing according to the report is the large increase in the number of Jan Dhan accounts during this period. Their number has now crossed 41 crores. The money sent by migrant laborers to their homes dropped drastically after the lockdown in April. It saw improvement from June and July. While the September figures have also surpassed the February levels before the Kovid-19 pandemic. This shows that migrant laborers are returning to work for livelihood.

Also Read: Public Provident Fund : Through this rule, people investing in PPF can get more profits every year, know here

However, due to heavy rains in August, work was interrupted and there was a decline in sending money to the laborers’ homes. SBI Research’s index of sending money to migrant laborers was 112 points in February, which usually hovers around 100. In April, it fell to 85 points. But it improved in May. It was 94 in May, 105 in June, 103 in July and 97 in August. Whereas in September it again reached 115 mark.

Similarly, as per the payroll data of EPFO ​​for April-August 2020, it had 25 lakh new registrations. Of these, 12.4 lakh were the first to be registered. Apart from this, the total number of Jan Dhan accounts as on 14 October stood at 41.05 crore. At the same time, the total outstanding deposits in these stood at Rs 1.31 lakh crore. Since the beginning of April, around three crore new Jan Dhan accounts have been opened, while the total deposits have registered an increase of Rs 11,060 crore.

The post EPFO ​​Registration: Migrant laborers sending more money to their homes after lockdown, EPFO ​​registration increased: report appeared first on informalnewz.



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