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EPFO enrolls 3.18 lakh new members in May

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.

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.

TheEPFOrevised 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 Indias 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.

The EPFO has been releasing the payroll data of new subscribers since April 2018. The payroll data is provisional as updation of employees' records is a continuous process and gets updated in subsequent months, according to the body.