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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

It is hard to believe that at the age of 22 people are getting into their second or third job creating multiple PF accounts

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

1 min read Last Updated : Dec 21 2020 | 12:51 AM IST

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

Topics : Payrolls EPFO

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