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Report: 41 lakh new jobs added in just 8 months

Tuesday, June 26th, 2018

Indian economy has added the largest number of jobs over the last 8 months. The data suggests that as many as 41 lakh jobs were created until April 2018.

The retirement fund body, Employees Provident Fund Organization (EPFO) has published a payroll data. The central statistics office (CSO) has published the number of new jobs created in the country. The data shows that 6.85 lakh new jobs created in the month of April alone. This is reportedly the largest number of job creation so far.

The first public release of employment-related statistics by CSO happened in April 2018. The report includes statistics covering the period from September 2017 to February 2018. The reported figures are based on the number of subscribers who have availed benefits under three major schemes namely Employees State Insurance Scheme (ESIC), National Pension Scheme (NPS) and EPFO.

Similar data release includes new payrolls created from September 2017 to April 2018. The data shows that 41,26,138 new jobs were added during 8 months period. April alone created 6,85,841 new jobs. These payrolls are recorded by the Employees' Provident Fund Organisation.

The job creation was highest in April 2018 than preceding 7 months. The maximum payrolls of 1,87,221 were registered with EPFO in the age bracket of 18 to 21 years followed by 1,80,892 jobs in the age group of 22 to 25 years.

 

India’s retirement fund body has clarified that the data for most recent months are provisional as the records updation is a continuous process. Age-wise bands include the estimated number of new members added to payrolls and ceased during the month. 

These numbers may include temporary employees as well. The contributions of temporary workers will not be continuous throughout the year. EPFO links the members’ data to unique Aadhaar number. The retirement fund body has more than 6 crore active members with at least one month of contribution during the year.

The estimated total number of new National Pension Scheme subscribers during the period of September 2017 to April 2018 is 5,12,040. The current report gives a new perspective on the level of employment in the formal sector. 

 


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