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Net new enrolments with retirement fund body Employees' Provident Fund Organisation (EPFO) declined marginally to 11.22 lakh in March from 11.28 lakh in February this year. Of the 11.22 lakh net subscribers added during the month of March, around 7.16 lakh new members came under the social security ambit of EPFO for the first time. The data provides a perspective on formal sector employment amid the coronavirus pandemic. 

According to payroll data, during 2020-21, the EPFO added 77.08 lakh new members. In the year-ago period, it was at 78.58 lakh. Despite the coronavirus pandemic, cumulative net payroll addition for FY21 is almost at par with last year, with 77.08 lakh net additions to the subscribers' base.

Quarterly analysis of payroll for the 2020-21 indicates that net subscribers' addition improved consistently from the second quarter after taking a hit in the first quarter due to the crisis in the wake of the pandemic. According to the statement, maximum improvement of 33.64 lakh net subscribers was observed during the Q4 FY21, a growth of 37.44 percent compared to the Q3 FY20).