As per data released by the Ministry of Statistics and Programme Implementation on June 25 in its monthly report, the monthly net subscriber addition at the Employees’ Provident Fund Organisation in April fell to a three-year low.
The outbreak of the coronavirus pandemic in India and the subsequent lockdown hurt the economy in more ways than one and the recent payroll data has revealed that it has affected formal employment generation also.
As per data released by the Ministry of Statistics and Programme Implementation in its monthly report on June 25, the monthly net subscriber addition at the Employees’ Provident Fund Organisation in April fell to a three-year low. This indicates that formal job creation took a hit in the first month of the nationwide coronavirus-induced lockdown.
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According to an Economic Times report, on a net basis, the EPFO added 1.33 lakh subscribers in April, amounting to 2.41 lakh under the Employees State Insurance Corporation (ESIS) and 64,647 under the National Pension Scheme (NPS).
Notably, these figures are subject to change, as the extended timeline for filing returns might have contributed to the lower numbers.
In April, which was the first month that saw complete lockdown, most industries and establishments were shut. Though the lockdown was extended to May, the Centre had started introducing relaxations by then. However, it had already led to massive job losses by then, mostly in the unorganised sector.
The Statistics Ministry said: “In view of the national lockdown consequent to the COVID-19 pandemic, several establishments were closed, and which may have had implications on the reporting. The reported figures are thus likely to undergo significant revision in the next few months.”
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