How many jobs created in India? EPFO, NPS, ESIC data shows 4 mn, says CSO report
As many as 41.26 lakh new jobs were created during September 2017-April this year, with the first month of the current fiscal witnessing highest ever monthly addition of 6.85 lakh, says Central Statistics Office. The CSO had brought out the first release of employment related statistics in the formal sector in April, 2018.
As many as 41.26 lakh new jobs were created during September 2017-April this year, with the first month of the current fiscal witnessing highest ever monthly addition of 6.85 lakh, says Central Statistics Office. The CSO had brought out the first release of employment related statistics in the formal sector in April, 2018 covering the period September 2017 to February, 2018, using information on the number of subscribers who have availed benefits under three major schemes, namely - the EPFO, Employees' State Insurance Scheme (ESIC) and National Pension Scheme (NPS).
Now, in the similar data release suggest that as many as 41,26,138 new payrolls were created during September 2017 to April 2018, and in April alone 6,85,841 new payrolls were recorded by the retirement fund body EPFO (Employees' Provident Fund Organisation).
According to the data, the EPFO's April payroll number was the highest in the last eight months, indicating higher jobs creations than preceding 7 month.
During April, the maximum new payrolls of 1,87,221 were recorded in the age bracket of 18 to 21 years followed by 1,80,892 payrolls in 22 to 25 years.
According to the EPFO, the data for most recent months are provisional as updation of employees records is a continuous process and are likely to be updated in subsequent months. For each age-wise band, the estimates are net of the members enrolled and ceased during the month.
It also said the estimates may include temporary employees whose contributions may not be continuous for the entire year. The members' data are linked to unique Aadhaar identity. The body has more than 6 crore active members with at least one month contribution during the year.
Watch this Zee Business video here:
The CSO, which is a wing of Ministry of Statistics and Programme Implementation, said the estimated total number of new National Pension Scheme subscribers during the period September, 2017 to April, 2018 is 5,12,040 persons.
The present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level, it added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.