Net payroll addition falls 19% in October vs September, shows data

Formalisation of the economy took a beating in October, compared to the previous month, showed the payroll data. Net addition to Employees' Provident Fund members fell by around 19% to 11.54 million in October from 14.19 million in September.

 

However, the net addition has been higher since August FY21 than the average monthly addition in FY20 and FY19