OPEN APP
Home / News / India /  First job payroll additions in Q1 indicate healthy hiring this fiscal: Report

Net new payroll additions in the April-June quarter stood at an impressive 30.74 lakh, shows a report by the State Bank of India (SBI) research team.

Interestingly, the quarter was particularly good for those who started their career as over half of the total 30.74 lakh payrolls were first-time jobs or new payrolls at 16.3 lakh. This impressive number was recorded at the time when the country was dealing with a lethal second wave of covid-19, hinting at a rather subdued impact of the pandemic on the employment market.

Out of the total, 11.8 lakh were second jobs or existing payroll, and 2.6 lakh were formalized accounts, as per the report.

The report has gathered payroll data from the Employee Provident Fund Organisation (EPFO) and National Pension Scheme (NPS) for the first quarter of the current fiscal.

As per the latest data from EPFO, out of the total net new payrolls of 30.74 lakh during the said time, net new EPF subscribers were 28.9 lakh. Under NPS, 1.85 lakh new subscribers were added.

As for new enrolments, EPFO added 14.5 lakh payrolls. Number of new EPF enrolments dipped from 60.8 lakh in FY20 to 44 lakh in FY21, as per the report, as an aftermath of the outbreak of Covid-19 pandemic. The SBI research team believes if the new payrolls are added at the ongoing rate, then it is expected to cross 50 lakh in FY22, up from 44 lakh in FY21.

The second job, which includes exited members who re-joined and re-subscribed to EPF, stood at 11.8 lakh in the first quarter of the current fiscal, the report stated. In FY21, EPF’s second job payrolls stood at 41.2 lakh.

SBI economists expect labor market activity to stay better in the current fiscal as companies will continue with their hiring plans to get ahead of the pandemic.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
Get alerts on WhatsApp
My ReadsRedeem a Gift CardLogout