Employment generation in the formal sector nearly trebled to 8.27 lakh in October 2018 as compared to 2.81 lakh in the same month a year ago, while 79.16 lakh jobs added in 14 months since September 2017, according to EPFO payroll data.
Employment generation in the formal sector nearly trebled to 8.27 lakh in October 2018 as compared to 2.81 lakh in the same month a year ago, while 79.16 lakh jobs added in 14 months since September 2017, according to EPFO payroll data released Thursday.
Around 79.16 lakh new subscribers were added to social security schemes of the Employees’ Provident Fund Organisation (EPFO) from September 2017 to October 2018, data showed. This indicates that these many jobs were created in the last 14 months.
However, the payroll data released Thursday showed that there is a downward revision of 10.81 per cent in the new jobs at 70.89 lakh created in 13 months till September 2018, from earlier estimates of 79.48 lakh released by the EPFO last month.
Similarly the payroll data for September 2018 has also been revised downward by 5.5 per cent to 8.75 lakh from 9.73 lakh released last month.
However, the job creation remained highest in September 2018 during the 14-month period till October 2018.
The lowest number of 1.59 lakh subscribers were added to the EPFO schemes in March this year as per data for that month which was also revised downward from 2.36 lakh estimate released last month.
During October this year, the maximum number of 2.32 lakh jobs were created in the 22-25 years’ age group followed by 2.22 lakh in the 18-21 years’ age bracket.
The EPFO said in its statement that the data is provisional as updation of employee records is a continuous process and gets updated in subsequent month/s.
This is age-band wise data of new members registered under the EPFO where the first non-zero contribution received during particular month. For each age-wise band, the estimates are net of the members newly enrolled, exited and rejoined during the month as per records of the EPFO, it added.
The estimates may include temporary employees whose contributions may not be continuous for the entire year. Members’ data are linked to unique Aadhaar Identity, it added.
The EPFO manages social security funds of workers in the organised/semi organised sector in India and has more than 6 crore active members (with at least one-month contribution during the year).