New Delhi: The second wave of COIVD-19 has a muted impact on the labor market in India because nearly 30.74 lakh salaries created in April-June, a report by the Bank of State Bank of India (SBI) economist shows.
The report studied the payroll data from the Organization of the Provident of Employees (EPFO) and the New Pension Scheme (NPS) during the first quarter (Q1) of the financial year 2021-22 when the country staggered under severe wave of second pandemic.
According to the report, the quarter was good for those who started their work because there was a significant leap in the number of employees who joined their first job.
Of the total 30.74 lakh payroll made in Q1, 16.3 lakh is the first job or new payroll, the report shows.
Among this new salary, Epfo added 14.5 lakh while the rest was taken into account under NPS.
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One salary from every 2 in Q1 is the first job: report
