NEW DELHI: March was the worst month in terms of employment in the formal sector in FY20, with new job additions declining a massive 46%, according to the government's payroll data.
The decline in job creation is a sign of the impact of the covid-19 lockdown, effective 25 March, on the Indian economy. According to government payroll data collected through its retirement fund manager, the Employees’ Provident Fund Organization (EPFO), about 401,949 people joined the formal workforce in March, nearly half of 745,655 additions in February.
The numbers were 833,417 for January, 876,228 for December and 987,668 for November. The data also indicates how formal sector job creation could worsen in April and May, with the lockdown enforced fully.