4 mn jobs created in 8 months as per EPFO data, largest addition ever: CSO
The CSO had brought out the first release of employment-related statistics in the formal sector in April, 2018 covering the period September 2017 to February, 2018, using information on the number of subscribers who have availed benefits under three major schemes, namely – the EPFO, Employees’ State Insurance Scheme (ESIC) and National Pension Scheme (NPS).
Now, in the similar data release suggest that as many as 41,26,138 new payrolls were created during September 2017 to April 2018, and in April alone 6,85,841 new payrolls were recorded by the retirement fund body EPFO (Employees’ Provident Fund Organisation).
According to the data, the EPFO’s April payroll number was the highest in the last eight months, indicating higher jobs creations than preceding 7 months.
During April, the maximum new payrolls of 1,87,221 were recorded in the age bracket of 18 to 21 years followed by 1,80,892 payrolls in 22 to 25 years.
According to the EPFO, the data for most recent months are provisional as updating of employees records is a continuous process and are likely to be updated in subsequent months. For each age-wise band, the estimates are net of the members enrolled and ceased during the month.
It also said the estimates may include temporary employees whose contributions may not be continuous for the entire year. The members’ data are linked to unique Aadhaar identity. The body has more than 6 crore active members with an at least one-month contribution during the year.
The CSO, which is a wing of Ministry of Statistics and Programme Implementation, said the estimated total number of new National Pension Scheme subscribers during the period September 2017 to April 2018 is 5,12,040 persons.
The present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level, it added.
Source: Business Standard