Provisional payroll data released by the EPFO showed that of the total 1.28 million net new subscribers, about 0.81 million came under the social security net of the EPFO for the first time.
By ET Bureau |
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Formal job creation rebounded in June, indicating that recovery accelerated as restrictions imposed by a number of states to contain the second wave of Covid-19 eased. Payroll data by the Employees’ Provident Fund Organisation (EPFO) showed 1.28 million net new subscribers were added in June, 0.5 million more than in May.
“The impact of the second wave of Covid-19 pandemic waned during June 2021, leading to tremendous growth in net payroll additions as compared to April and May 2021,” EPFO said.
Provisional payroll data released by the EPFO showed that of the total 1.28 million net new subscribers, about 0.81 million came under the social security net of the EPFO for the first time.
About 0.47 million net subscribers exited the EPFO in July but rejoined by changing jobs within the establishments covered by it. “This shows that the majority of subscribers opted to continue their membership with EPFO, using transferring of funds from their previous job to the current PF account rather than applying for final withdrawal of their PF accumulations,” EPFO said.
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