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Business News/ Money / Personal Finance/  At least 669,914 new employees joined formal work in August: EPFO data
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At least 669,914 new employees joined formal work in August: EPFO data

This is the fifth month in a row after India went to a lockdown in March when payroll data shows a gradual uptick after it fell significantly in April. The August fresh additions is nearly 22,000 more than July as per EPFO data

The recovery in the EPFO payroll will cheer the government as it comes at a time, the country is undergoing a huge jobs crisis due to several factors including the crippling impact of Covid-19 related lockdown on businesses (Mint)Premium
The recovery in the EPFO payroll will cheer the government as it comes at a time, the country is undergoing a huge jobs crisis due to several factors including the crippling impact of Covid-19 related lockdown on businesses (Mint)

New Delhi: At least 669,914 new workers joined the formal workforce in August, the employees provident fund organization said in its payroll data Tuesday.

This is the fifth month in a row after India went to a lockdown in March when payroll data shows a gradual uptick after it fell significantly in April. The August fresh additions is nearly 22,000 more than July as per EPFO data.

While EPFO saw fresh additions of 648,077 in July, it was 551,614 in June and 316,404 in May and a dismal 185,127 in April. Though there is a gradual growth in fresh payroll additions month on month recently due to relaxation in lockdowns and businesses trying to recover from the covid-19 shock, it is still much lower than the corresponding period in last financial year. For example, the fresh payroll additions in August 2019 was one million or nearly 330,000 more than August 2020.

As per payroll data released on Tuesday, of the 669,914 new people who joined, almost 373,000 are in the 18-25 age group, little over 25,000 more than what was reported in July for the same age group. The 18-25 age group is often seen as fresh in the labour market.

The recovery in the EPFO payroll will cheer the government as it comes at a time, the country is undergoing a huge jobs crisis due to several factors including the crippling impact of Covid-19 related lockdown on businesses.

To be sure, the fresh payroll additions are provisional in nature and the recent months’ data do change over a period of time.

EPFO said while the while the fresh payroll additions were 669,914, the net payroll additions were over one million. Net payroll additions are reached by calculating fresh additions, the people who left the organization in August and those who came back to EPFO fold after leaving the PF subscription earlier. But the net payroll addition fluctuates more than fresh payroll additions, which are relied upon by experts more.

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Published: 20 Oct 2020, 09:50 PM IST
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