Team Blitz India
NEW DELHI: Fresh formal job creation cooled for the second consecutive month to decline to a six-month low in September, signalling a downturn in the labour markets this financial year.
The number of new monthly subscribers under the Employees’ Provident Fund (EPF) declined by 6.45 per cent to 891,583 in September from 953,092 in August, shows the latest payroll data released by the Employees’ Provident Fund Organisation (EPFO) on November 22.
Besides, the net payroll additions — calculated by taking into account the number of new subscribers, the number of exits, and the return of old subscribers — increased by 14.9 per cent to 1.72 million in September from 1.49 million in August.
The net monthly payroll numbers are, however, provisional in nature and are often revised sharply the following month. That is why the new EPF subscriber figure has greater certitude than net additions.
