Formalisation of Jobs continued in Pandemic Year
The trend towards formalisation of Jobs continues. In the pandemic impacted FY21, EPFO still saw a net increase in number of over 7.5 million subscribers (although the increase was lower than in the preceding year).
While new subscriber addition was lower than the previous year, the decline was relatively modest at less than 10%. Subscriber exits (proxy for Job losses) were also lower (~10%).