Employers beat expectations by adding 239,000 jobs in October
Going way beyond the expectations, employers have added 239,000 jobs in the month of October, private payroll firm Automatic Data Process (ADP) found in a survey.
By ET Spotlight Special |
Agencies
According to private payroll firm Automatic Data Process's (ADP) monthly job survey, employers have added 239,000 jobs in October going way beyond the expected numbers.
The Hospitality and Leisure industries topped the charts by adding a total of 210,000 jobs last month. With job losses in the manufacturing and construction industries, the goods side of the economy has seen a downfall.
There has also been a rise of 7.7% annual rate in wages.
According to ADP’s Chief Economist Nela Richardson, this has not been broad-based hiring, but the numbers are strong given the recovery in the economy. He added that goods producers are pulling back because they are sensitive to interest rates.
The labour department will release its estimate of job gains for October. The Central bank is also expected to raise interest rates by 75 basis points by Wednesday. The move is designed to curb inflation.
The housing market, on the other hand, is bearing the brunt of its anti-inflation policy. House sales are falling and mortgage rates are hitting 7%.
How to transfer EPF account from EPFO to employer’s EPF trust
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When you are switching from one job to another, as an employee you are required to transfer your EPF account held with the previous employer to the new employer.
When you are switching from one job to another, as an employee you are required to transfer your EPF account held with the previous employer to the new employer.
As per the EPFO rules, an individual can easily transfer his EPF account held with old employer to new employer irrespective whether the previous or new account was/is held with trust or EPFO.
As per the EPFO rules, an individual can easily transfer his EPF account held with old employer to new employer irrespective whether the previous or new account was/is held with trust or EPFO.
Transfer of EPF account can be done online provided both the employers (old and new) are able to initiate transfers though unified portal. If the details of a particular company or trust is not available on the Member Sewa portal, then employee has to fill Form 13 manually and submit the same to his/her HR department.
Transfer of EPF account can be done online provided both the employers (old and new) are able to initiate transfers though unified portal. If the details of a particular company or trust is not avail..
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An individual should ensure that his/her EPF account is KYC compliant, UAN is linked to Aadhaar number and mobile number linked with EPF account must be linked with Aadhaar number.
An individual should ensure that his/her EPF account is KYC compliant, UAN is linked to Aadhaar number and mobile number linked with EPF account must be linked with Aadhaar number.
Step 1
Login to your account on Member Sewa portal by entering UAN and password.
Step 1Login to your account on Member Sewa portal by entering UAN and password.
Once logged in, click on 'Online Services' and select 'One Member- One EPF Account (Transfer Request)'.
Once logged in, click on 'Online Services' and select 'One Member- One EPF Account (Transfer Request)'.
A new tab will open. Here details of the new EPF account where you want to transfer money to will be shown. You will be required to enter your new EPF account number. This is available on your salary slip or EPF statement of your new employer.
A new tab will open. Here details of the new EPF account where you want to transfer money to will be shown. You will be required to enter your new EPF account number. This is available on your salary..
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You will be required to select whether attestation of your online transfer will be done by your present employer or previous employer. You should check with your current employer if you can choose them for attestation of EPF account transfer.
You will be required to select whether attestation of your online transfer will be done by your present employer or previous employer. You should check with your current employer if you can choose th..
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Enter Member ID (previous EPF account number) in case UAN of both your old and new employer is same or else enter UAN of old employer if it is different. Click on 'Get Details' and details of your EPF account will be shown. Select the account from where the money is transferred.
Enter Member ID (previous EPF account number) in case UAN of both your old and new employer is same or else enter UAN of old employer if it is different. Click on 'Get Details' and details of your EP..
After the coronavirus pandemic, the labour market is facing its own issues. While there are new workers in the offices, productivity has gone down. The new workers are taking time to adjust and understand the new set of rules. Meanwhile, long-term employees are complaining of burnout.
FAQs:
How many jobs were added in October by the employers? In October, a total of 239,000 jobs were added. The numbers went against what ADP expected.
Which industries are flourishing? Hospitality and leisure industries have seen a boom in job additions.