Manufacturing states see dip in net new EPF subscriptions in August

Net payroll additions, which are calculated taking into account new additions, number of exits, and return of old subscribers, has grown only slightly from 1,652,818 in July to 1,694,211 in August.

Seven states saw a fall in net new Employees’ Provident Fund (EPF) subscriptions in the month of August (from July levels), reveals the payroll data released last week by the Employees’ Provident Fund Organisation (EPFO).  

Of the 21 states, for which data was analysed by Business Standard, seven states saw a cumulative fall of 43,993 net new subscriptions in August. This comes in the wake of fresh formal jobs created in August also dropping below the 1-million mark for the first time in five months as EPFO new subscriptions declined around 12 per cent, from 1,119,698 in July to 986,850