One Out Of Every Two Payroll Is New, First Job In Q1 FY22 - SBI Research
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SBI Research Report
India created 30.74 lakh payroll in Q1 FY22, of which 16.3 lakhs were first jobs, new payroll (Employees' Provident Fund Organisation and National Pension System), 11.8 lakh crores were second jobs, existing payroll and 2.6 lakhs were formalised accounts.
Cumulatively, total new payroll / first job generation of EPFO and NPS was almost 16.3 lakh in Q1 FY22.
If the new payrolls increase at this rate then the new payroll may cross 50 lakh mark in FY22 as against 44 lakhs in FY21.
The good thing is that three indicators of net EPF subscribers have witnessed a jump in Q1 FY22 indicating that labor market disruptions were much lower during second wave.
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