Net employment generation in the formal sector stood at 3.18 lakh in May, according to the latest Employees’ Provident Fund Organisation (EPFO) payroll data. The official employment data for April was reported at 1 lakh.
To curb the novel coronavirus, the Centre implemented a nationwide lockdown in the last week of March.From June, the central government gradually opened offices and factories to restart the economic activities.
The net employment creation with the EPFO had dropped to 5.72 lakh in March from 10.21 lakh in February, according to the payroll data in May. The EPFO revised the employment data for April to 1,00,825. The provisional employment data released by the EPFO last month showed the net new enrolments at around 1.33 lakh in April.
The Centre for Monitoring of Indian Economy (CMIE) had earlier said that India’s unemployment rate, which peaked at 29.2% in May, fell subsequently to 7.4% for the week ended July 12. During 2019-20, the total number of new subscribers zoomed to 78.58 lakh compared to 61.12 lakh in the last fiscal, according to EPFO data.