The data, tabulated as ‘Net Payroll Data’ showed that net addition was around 8.95 lakh in August as against the revised figure of 9.76 lakh in July. The net payroll data is arrived at after subtracting the number of members exited from a number of new EPF subscribers and those who rejoined and resubscribed.
It covers establishments with 20 or more employees. Organisations that employ less than 20 persons each, is also subjected to certain conditions and exemptions. It is a mandatory savings scheme. The pay limit is ₹15,000 per month. Persons drawing pay above ₹15,000 are exempted or can be enrolled with some permission or on a voluntary basis. The number of members subscribing to this scheme gives an idea of the level of employment in the formal sector. Structured data is being released on monthly basis with first data for the month of September 2017. However, not a single month has registered 10 lakh jobs on a net basis which is the informal target for job creation on a monthly basis.
Source: The Hindu