EPFO Data Shows 8.14 Lakh Jobs Created in Formal Sector In March, 67.59 Lakh jobs in Entire 2018-19 Fiscal Year in India
Net employment generation in the formal sector were increased at 8.14 lakh in March 2019 against 7.88 lakh in February this year, according to the latest EPFO payroll data.
New Delhi, May 21: Net employment generation in the formal sector has been increased in March this year as compared to February, According to the latest EPFO payroll data, in March 8.14 lakh jobs were created as compared to 7.88 lakh jobs in February 2019. Meanwhile, around 67.59 lakh jobs were generated in the entire 2018-19 fiscal year in India. The payroll data is based on members joining the schemes of the Employees' Provident Fund Organisation (EPFO). EPFO vs Kerala HC: SC Dismisses Petition, Higher Pension For Employees of Private Sector Soon.
According to the data, total net new enrolments were at 15.52 lakh during the seven-month period from September 2017 to March 2018. The retirement fund body has been releasing payroll data from April 2018, covering the period starting from September 2017. The EPFO in its payroll data released Tuesday did not provide monthly net new enrolments for March 2018.
In 2018-19, 8.31 jobs were created in January 2019, which the highest in the entire fiscal year. However, the provisional estimate was of 8.94 lakh jobs. During March 2019, the highest number of 2.25 lakh jobs were created in the 22-25 years age group, followed by 2.14 lakh in the 18-21 years age bracket. EPFO Hikes Interest Rate on Employees' Provident Fund to 8.65% For Fiscal Year 2018-19.
The payroll data released in April 2019 had showed a sharp revision in net job additions for March 2018, recording a contraction or exit of 55,934 members from the EPFO subscriptions. On the contraction, the EPFO had said, "March 2018 figure is negative due to large number of exits reported in the month of March, in view of it being the closing month of the financial year."
The EPFO said the data is provisional as updation of employee records is a continuous process and gets updated in subsequent months. This is age-band wise data of new members registered under the EPFO where the first non-zero contribution received during a particular month. For each age-wise band, the estimates are net of the members newly enrolled, exited and rejoined during the month as per records of the EPFO, it added. EPFO New Rules: Members Can Now Withdraw Partial Amount of Savings For Children's Education, Marriage & Other Reasons.
The estimates may include temporary employees whose contributions may not be continuous for the entire year. Members' data are linked to unique Aadhaar identity, it added. The EPFO manages social security funds of workers in the organised or semi-organised sector in India and has more than 6 crore active members.
Since April 2018, the EPFO has been releasing payroll data covering the period September 2017 onward. The data of exited members is based on the claims submitted by the individuals/establishments and the exit data uploaded by employers, whereas a number of new subscribers is based on the Universal Account Number (UAN) generated in the system and have received non-zero subscription.
(With inputs from PTI)
(The above story first appeared on LatestLY on May 21, 2019 06:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).