Nearly 500,000 Joined Formal Workforce In June: EPFO

June’s fresh payroll additions are still far below the FY20 average monthly numbers of around 1 million

NEW DELHI : At least 498,262 people joined India’s formal workforce in June, recording a growth for the second consecutive month, according to the payroll data of the Employees’ Provident Fund Organization (EPFO) released on Thursday.

Of the new subscribers, EPFO said almost 50% were in the 18-25 age group. While April saw nearly 177,500 fresh subscribers, in May the number crept up to 303,388. In contrast, the June payroll data showed strong revival to touch the half a million mark in fresh subscribers.

To be sure, June’s fresh payroll additions are still far below the FY20 average monthly numbers of around 1 million. The lockdown and the ensuing business losses due to the covid-19 crisis have hit the employment market significantly.

The new payroll additions are powered by the so-called “experts services” which predominantly consist of manpower agencies, private security firms and contractors.

The EPFO said while fresh hires were at 498,262, June saw around 297,000 people exiting the social security body. But the good part is some 453,985 people who had earlier exited have rejoined to subscribe to EPFO.

Source: livemint

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