Good news! EPFO's payroll data shows job additions soar to 11-month high

New job creations in July rose to an 11-month high of 9.51 lakh, taking the total tally of new enrolments to 61.81 lakh since September 2017, according to the EPFO's payroll data.

Job addition numbers, which are based on new members enrolled in various social security schemes of EPFO such as pension, PF and insurance, were 9,51,423 in July -- the highest in any month since September 2017 when the retirement fund body started releasing payroll data.

In total, as many as 61,81,943 jobs were created during September 2017 to July 2018 period, the payroll data showed.

The EPFO also revised upward the number of new enrolments from September 2017 to June 2018 to 52.30 lakh from 47.13 lakh estimated earlier last month.

In July, the maximum number of enrolment of 2,68,021 were recorded in the age bracket of 18 to 21 years followed by 2,54,827 in 22 to 25 age group.

The data is provisional as updating of employees records is a continuous process and gets updated in subsequent months, the EPFO said in a statement.

It also 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 net of the members enrolled and ceased during the month as per the EPFO records, it added.

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.