Net new EPF subscriptions decline in major manufacturing states in Aug

New Delhi, Oct 27 (KNN) States that lead in manufacturing such as Gujarat, Andhra Pradesh and Tamil Nadu saw a decline in net new subscriptions of Employees’ Provident Fund (EPF) in the month of August.

The payroll data was recently released by the Employees’ Provident Fund Organisation (EPFO). 

In August the fresh formal jobs created also saw a drop below the 1 million mark for the first time in five months. 

As the EPFO new subscriptions declined around 12 per cent, from 1,119,698 in July to 986,850 in August.

Net payroll additions - taking into account new additions, number of exits, and return of old subscribers - have grown only marginally, from 1,652,818 in July to 1,694,211 in August.  

Slow job creation in the manufacturing sector can be the reason for the fall in new subscribers and sluggish growth in net payroll in August.  (KNN Bureau)