EPFO data suggests a significant acceleration in formalisation of the job market: Economic Survey

The net additional subscription witnessed a decline again in November 2020 and also during the second wave of Covid-19 (April-June 2021). However, the magnitude of decline in both the cases was less compared to that during April-May 2020. The monthly net additional EPF subscription during May 2021 was 5 lakh as against minus 2.9 lakh in May 2020.