Dawning a new era, India performs well embarking a growth in generating 35.3 lakh new jobs

NewsBharati    27-Apr-2018
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New Delhi, April 27: Introducing the first ever monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment, India paves path greater job creation and growth in the country. Government think tank Niti Aayog on Thursday said 35.3 lakh new jobs were generated between September 2017 and February this year.

 

The main three departments like the Employees' Provident Fund Organisation (EPFO), Employees' State Insurance Corporation (ESIC) and the Pension fund Regulatory and Development Authority (PFRDA) have released their monthly payroll data.

 

The graph shows a high growth rate in terms of job creation and employment. The payroll data, categorized age-wise, for the months September, 2017 to February, 2018 has been released on 25th April, 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 formalization of the economy.

Releasing the data it has been notified that, EPFO data during the period (September 2016 to February 2017) 31.10 lakh new additions across all age groups were made in the payroll. 

From the PFRDA, the New Pension Scheme (NPS) data indicates generation of 4.2 lakh new payroll during the period, that too only from Tier-I account. From the above two organisations itself, 35.3 lakh new payrolls were generated during this six month period. 
In addition, the ESIC data also mirrors the payroll growth shown in the EPFO and PFRDA. Since ESIC data is not Aadhar seeded there is further scope of some modifications.

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. Hopefully this would also end the debate regarding and criticisms about jobless growth in the economy.

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