The Employees Provident Fund Organization (EPFO) saw a rise of 4.83 lakh new enrollments in the month of June, in comparison to the last month when 3.18 lakh people had joined the formal workforce, according to data released by the retirement fund body.
In June, net new enrolments with EPFO rose to 6.55 lakh, according to its latest payroll data.Almost 50% of the new enrollments are in the age group of 18-2, according to the EPFO figures.
The latest figures provided a perspective on employment in the formal sector amid the Covid-19 crisis.
EPFO said that the Covid-19 pandemic outbreak had adversely affected the enrolments in the month of April and May 2020.However, in the month of April and May this year, around 0.20 lakh and 1.72 lakh net new subscribers were added to the social security schemes of EPFO, despite the lockdown.
The month of June has seen speedy recovery with the addition of 6.55 lakh net subscribers, registering a remarkable 280 percent month-on-month growth.The EPFO has been releasing the payroll data of new subscribers since April 2018, covering the period starting from September 2017.
