Economy

7.32 lakh jobs created in November; 73.50 lakh in last 15 months: EPFO payroll data

Updated : January 22, 2019 07:52 PM IST

Around 73.50 lakh new subscribers were added to social security schemes of the Employees' Provident Fund Organisation (EPFO) from September 2017 to November 2018, the data showed.

The EPFO, however, revised downwards its payroll data for October 2018 to 6.66 lakh against the earlier estimate of 8.27 lakh.

Employment generation in the formal sector increased by 48 per cent to touch a 15-month high of 7.32 lakh in November 2018 as compared to 4.93 lakh in the year ago month, according to the latest EPFO payroll data.

Around 73.50 lakh new subscribers were added to social security schemes of the Employees' Provident Fund Organisation (EPFO) from September 2017 to November 2018, the data showed. This indicates that these many jobs were created in the last 15 months.

The EPFO, however, revised downwards its payroll data for October 2018 to 6.66 lakh against the earlier estimate of 8.27 lakh. It also revised the cumulative job addition data from September 2017 to October 2018 downwards 16.4 percent to 66.18 lakh from earlier forecast of 79.16 lakh.

The lowest number of 55,831 subscribers were added to the EPFO schemes in March last, the data showed.

During November 2018, the maximum number of 2.18 lakh jobs were created in the 18-21 years' age group followed by 2.03 lakh in the 22-25 years' age bracket.

The EPFO said the data is provisional as updation of employee records is a continuous process and gets updated in subsequent month/s.

This is age-band wise data of new members registered under the EPFO where the first non-zero contribution received during 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.

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/semi organised sector in India and has more than 6 crore active members (with at least one-month contribution during the year).

7.32 lakh jobs created in November; 73.50 lakh in last 15 months: EPFO payroll data

You May Also Like

NTPC's Singrauli Unit 1 top-performing plant in Q1

Masks, social distancing violations: Bengaluru coughs up fines over Rs 1 crore in a month

SIP calculator: Here's how much you should invest to earn Rs 1 crore?

Trending on CNBC-TV18

recommended for you