India

79 lakh new jobs created in the past 13 months, says payroll data

1.57 crore joined EPFO, 1.02 crore exited, says new data from Ministry of Statistics & Programme Implementation.

Ministry of Statistics & Programme Implementation data suggests that 79 lakh new jobs were created during 13 months period till September.

According to the report, 1.57 crore new members joined the social security scheme of the EPFO during the 13 month period till September this year, but 1.02 crore member exited the subscription of the retirement fund body.

However, 24.25 lakh members who had exited from the EPFO subscription joined back again in the 13 month period. Thus net new members addition or job created during the 13 month period was 79.48 lakh.

Meanwhile, new subscribers joining its health insurance scheme (ESI) dipped 5.2 per cent to 11.51 lakh in September.

As many as 12.14 lakh new members had joined the Employees’ State Insurance Scheme (ESI) in September, stated the report of Central Statistics Office (CSO) based on the payroll data of retirement fund body Employees’ Provident Fund Organisation (EPFO), ESIC and National Pension Scheme (NPS).

Job creation more than doubled to 9.73 lakh in September, the highest monthly addition since September 2017, compared to 4.11 lakh in the same month last year, as per the EPFO payroll data.

The estimated total number of new NPS subscribers during the period September, 2017 to September, 2018 is 8,13,937, the report added.

The CSO said that the present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level.

Since April, 2018 the Ministry of Statistics has been bringing out the employment related statistics in the formal sector covering the period September 2017 onwards, using information on the number of subscribers, who have subscribed under three major schemes, namely, the Employees’ Provident Fund Scheme (EPF), the Employees’ State Insurance Scheme (ESIC) and the National Pension Scheme (NPS).

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businesstoday
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