New jobs declining much before COVID hit: SBI Ecowrap

by Yash Shah

As per SBI Ecowrap, new (first-time) jobs as reflected in Employee Provident Fund (EPF) and New Pension System (NPS) payroll data, had shown a significant decline in 2019-20 itself. The speed of formalisation of jobs has also declined. New EPF payroll in 2019-20 were 6.1 million, down 2.9 million from the previous year. Formalisation, as measured by EPF additions by businesses filing electronic challan-cum-return (ECR) on EPF contributions for the first time, also declined by 0.2 million on y-o-y basis to 1.1 million in 2019-20.