Thursday , May 26 2022

At least 1.04 million new employees joined formal work in September: Payroll data


New Delhi: At least 1.04 million new employees joined the formal workforce in September, the Employee Provident Fund Institute (EPFO) said in its payroll data on Friday. This is the fifth month in a row that new additions have surfaced after a sharp fall in April, following the lock-down across India set in March.

The provisional data for September pegged the new additions at 1,047,167, while the updated data for July and August showed 668,384 and 719,116 new jobs, respectively.

As of October, EPFO ​​had reported that 669,914 fresh subscribers had been added in August. Similarly, in October, it had said that 648,077 fresh subscribers had been added in July, which was 20,000 less than it claimed on Friday.

The retirement fund body said the gradual growth in payroll additions was indicative of a solid recovery to pre-covid-19 levels. EPFO said over the past three months, Maharashtra, Haryana, Gujarat, Tamil Nadu, and Karnataka are “at the forefront of the employment recovery”.

India has been witnessing a massive job crisis due to several factors, including a slowing economy in the midst of the commemorative crisis and the consequent lock-in encouraging many businesses to close a shop or face extreme financial crunch.

Of the fresh additions in September, 448,233 were for the 18-25 age group, nearly 51,000 more than August. The 18-25 age group is considered essential in the labor market for measuring the recovery of the sector.

Net payroll additions for September exceeded 1.49 million, EPFO ​​said. These also include people who left an organization in August to return to the EPFO ​​fold by getting a job at another company. However, experts rely on the payroll data for new additions as the number of net additions tends to vary.

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