Fresh employment generation slows as 2nd Covid wave haunts economy

New employment generation in India has slowed down, according to provisional payroll data released by the EPFO. Experts suggest that the employment generation could slow down further if India continues to witness a sharp rise in Covid-19 cases.

Fresh employment generation has started slowing down in India due to stalled economic activity in the wake of the second wave of Covid-19. Provisional Employees’ Provident Fund Organisation (EPFO) data for the month of February suggested that the number of new employees who joined the formal workforce was the lowest in three months. The provisional data showed that at least 7,56,067 new workers join in February, down over 1 lakh compared to 8,61,074 new EPF subscribers in January 2021.