Creation of new formal jobs saw an uptick in November last year after falling to a five-month low in October, the latest payroll data of the Employees’ Provident Fund Organisation (EPFO) showed.
Compared with 8.05 lakh in October, new formal jobs creation rose to nearly 8.28 lakh in November. Along will the least number of members exiting the scheme in any month of the current fiscal in November, net enrolment under the scheme rose to 13.95 lakh in November, the highest in the current fiscal. In October, EPFO added 11.1 lakh net subscribers.
According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in November was at a four-month low of 6.97% compared with 7.74% in September, 2021.
The EPFO has been releasing payroll data since April 2018, covering the period of September 2017 onward. The payroll data, however, is provisional as data generation is a continuous exercise. The previous data, hence, gets updated every month.
The latest payroll data showed that 22-25 years age bracket has registered highest number of net enrolments with 3.64 lakh additions during November 2021 followed by the 18-21 years age group at 2.81 lakh.
“Age-groups of 18-25 years have contributed around 46.2% of total net subscriber additions in November 2021. Members of these age-groups are usually fresh hands, entering into the job market following education signifies a crucial stage on application of academic learning and possibility of advancement,” the labour ministry said in a statement.
Nearly 61% of the net additions in November were from Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka.
Gender-wise analysis indicates that net share of female subscribers during the month is 2.95 lakh, which is almost 59,005 more than that of subscribers added during October 2021 when 2.36 lakh net females participated the organised workforce.
“Industry-wise payroll data indicates that ‘expert services’ category (consisting of manpower agencies, private security agencies and small contractors, etc) constitutes 41.48% of total subscriber addition during the month,” the data said.
In addition, growing trend in net payroll additions has been noted in industries like building and construction industry, textiles, schools, restaurants, cement, etc, it said.