35.3 Lakh New Jobs Generated in 6 Months Till February: Niti
Government think tank Niti Aayog today said 35.3 lakh new jobs were generated between September 2017 and February this year, Niti Aayog said today.
New Delhi, Apr 26 (PTI) Government think tank Niti Aayog today said 35.3 lakh new jobs were generated between September 2017 and February this year, Niti Aayog said today.
As per data released by retirement fund body Employees' Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA)," 35.3 lakh new payrolls were generated during this six-month period”, a Niti Aayog statement said.
The EPFO data shows that during September 2017 to February 2018, 31.10 lakh new payroll additions were made across all age groups.
Given that the data for recent months is provisional due to continuous updation of employee records, this could be called a conservative estimate. The actual figures may well be more than this, it added.
From the PFRDA, the New Pension Scheme (NPS) data indicates generation of 4.2 lakh new payroll during the given period, that too only from tier-1 account, it added.
The NPS currently manages the corpus of around 50 lakh employees in state and central government. For this study, the central and state autonomous bodies have been shown under central and state governments respectively, while non-government refers to the corporate sector employees.
The Niti Aayog said that the payroll data from these three organisations would now be released every month. Given that till now there was no such system in place, this data would provide a more firm basis for various analysis and studies of the economy and job creation.
It said, "We may as well as bid goodbye to the days of analyses based on random sample surveys. Hopefully, this would also end the debate regarding and criticisms about jobless growth in the economy. A more constructive phase of focusing on deriving the most out of this data for furthering development should now begin."
There are other organisations also, such as ICAI, Bar Council, Medical Council and other professional bodies which could have such monthly data for payroll reporting for their professionals.
The EPFO, Employees' State Insurance Corporation (ESIC) and the PFRDA have released payroll data. India has, for the first time, introduced monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment, it added.
The payroll data, categorized age-wise, for the months September 2017 to February 2018 has been released on April 25, 2018.
The numbers from these three organisations are an eye opener and put an end to all speculations and conjectures regarding job creation in the economy. They also strengthen the efforts made by the government on job creation and formalisation of the economy, it added.
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