EPFO says ‘normalcy returns’ as it sees 34% sequential jump in net subscribers in August.

Around 20 lakh people joined the formal workforce in the first five months of FY21, the payroll data of the employees provident fund organization (EPFO) revealed Tuesday. To prevent the virus outbreak in the country, the central government imposed a nationwide lockdown in the last week of March. The national lockdown and the business loss due to the ongoing pandemic has hit the employment market significantly. “The provisional payroll figures for the month of July and August 2020 are indicative of the slow dissipation of the negative impact of the COVID-19 pandemic outbreak and gradual recovery to pre-COVID levels,” the retirement body said.