EPFO Data Indicates 47 Lakh Jobs Created In 10 Months till June

Jobs data from EPFO’s payroll suggests that as many as 47.13 lakh jobs were created during September 2017 to June this year.
However, the retirement body lowered its earlier estimate of new members’ enrolment by 12.38 per cent, from 44.74 lakh to 39.20 lakh member for September 2017-May 2018 period.
According to the payroll data released by the Employees’ Provident Fund Organisation (EPFO) for September-May, as many as 44.74 lakh, new members were enrolled for its social security schemes to provide benefits, including provident fund, insurance and pension.
According to the latest data uploaded by the EPFO, the new members’ enrolment in June is the highest so far in the last 10 month at 7,93,308. In June, the maximum number of enrolment of 2,53,466 were recorded in the age bracket of 18 to 21 years followed by 2,05,177 in 22 to 25 age group.
The data is provisional as updating employee records is a continuous process and gets updated in subsequent months. EPFO stated that the estimates may include temporary employees, whose contributions may not be continuous for the entire year.
For each age-wise band, the estimates are the number of the members enrolled and ceased during the month as per the EPFO records. The EPFO manages social security funds of workers in the organised/ semi organised sector. It runs three social security scheme Employees’ Provident Fund Scheme 1952, Employees’ Deposit Linked Scheme 1976 (EDLI) and Employees’ Pension Scheme 1995. It manages the accounts of over six crore members and a corpus of over Rs 10 lakh crore.
Earlier this year, the EPFO had started the practice of updating payroll data on its official portal. The body had also lowered its payroll data estimates earlier.
Source: Business World