At 1.33 mn, January net addition to payroll highest in FY21, shows data

Formalisation of the economy happened at the fastest pace in January during the current fiscal year. Net subscription to the Employees’ Provident Fund (EPF) touched the highest number at 1.33 million in January, leaving the September’s number at 1.26 million behind.

The formalisation has been happening at a higher rate than the monthly average of 2018-19 and 2019-20 since August in 2020-21, which is a month prior to the full lifting of lockdown.

The increasing number of Covid cases and reimposition of some restrictions in a few states of the country, particularly Maharashtra, may have an adverse impact on the numbers going forward.