8.27 Lakh Jobs Were Created In October, According To EPFO Data
Around 79.16 lakh subscribers were added to social security schemes of the EPFO from September 2017 to October 2018.
Employment generation in the formal sector nearly trebled to 8.27 lakh in October compared to 2.81 lakh in the same month a year ago.
This took the tally to creation of 79.16 lakh jobs in 14 months since September 2017, according to Employees' Provident Fund Organisation payroll data released on Thursday. Around 79.16 lakh new subscribers were added to social security schemes of the EPFO from September 2017 to October 2018, data showed.
However, the payroll data released on Thursday showed that there was 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.
Similarly the payroll data for September has also been revised downward by 5.5 percent to 8.75 lakh from 9.73 lakh released last month. However, the job creation remained highest in September during the 14-month period till October.
The lowest number of 1.59 lakh subscribers were added to the EPFO schemes in March this year as per data for that month which was also revised downward from 2.36 lakh estimate released last month.
The maximum number of 2.32 lakh jobs were created in the 22-25 years’ age group followed by 2.22 lakh in the 18-21 years’ age bracket in October. The EPFO said in its statement that the data is provisional as updating employee records is a continuous process, which will happen in the 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 said.
The EPFO manages social security funds of workers in the organised/semi-organised sector in India and has more than six crore active members (with at least one-month contribution during the year).