Payroll numbers rise in June to pre-covid levels as old exits return

If only new payroll members are accounted for, there is still some way to go for getting back to pre-covid

Net additions to subscription to the Employees’ Provident Fund (EPF) in June have brought the payroll numbers to the level of the pre-covid period (see chart). 

However, this was largely due to those exiting the subscription in the previous months joining back in the month of June. 

If only the new payroll members are taken into account, there is still some way to go in getting back to the pre-covid period-–498,262 in June this year compared to 920,057 a month on average in 2019-20 and 1.2 million a month the preceding year (2018-19). 

The payroll data should not be confused