At 1.48 mn, Employees' Provident Fund sees record net payroll in August

The formalisation of the economy gained further momentum in August, with Covid-induced lockdowns easing. The Employees’ Provident Fund (EPF) saw net addition of 1.48 million subscribers, which was a record high.
 
The numbers — also called net payroll data — were higher in each of the first four months of the current financial year than the average monthly figure of previous years. The data was released for the first time in September 2017.
 
It should not be taken as an indicator of jobs in the economy as there is overlap between this data, that of the Employees’ State Insurance Corporation and the National Payment System.