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.
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.