EPFO payroll data vocalises generating 8.27 lakhs of formal jobs for October this year

 

 

New Delhi, December 21: India, in the month of October this year, observes generation of 8.27 lakhs of employment in the formal sector as per the data released by the EPFO yesterday. As per the EPFO payroll data, the employment generation in the month of October is 66 percent higher, when compared to last year, while 79.16 lakh jobs added in 14 months since September 2017.

 

Around 79.16 lakh new subscribers were added to social security schemes of the Employees' Provident Fund Organisation (EPFO) from September 2017 to October 2018. This indicates that these many jobs were created in the last 14 months.

 

The job creation remained highest in September 2018 during the 14 month period till October 2018. During the month later, the maximum number of 2.32 lakh jobs were created in the 22 to 25 years of age group followed by 2.22lakh in the 18 to 21 years age bracket.

 

 

However, the same counting for the age group between 29 to 35 is 1.36 lakhs and that for more than 35 years measures to 1.26 lakhs. The data also showed that there is a downward revision of 10.81 percent in the new jobs at 70.89 lakh created in 13 months till September 2018, from earlier estimates of 79.48 lakh released by the EPFO last month.

 

The EPFO said in its statement that 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 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 informed further.