Government think tank NITI Aayog today said 35.3 lakh new jobs were generated between September 2017 and February 2018, according to data released by retirement fund body Employees’ Provident Fund Organisation and Pension Fund Regulatory Development Authority.
The data for recent months is provisional and hence this could be seen as a conservative estimate, NITI Aayog said. The actual figures may well be more than this, it added.
- EPFO data shows 31.10 lakh new payroll additions were made across all age groups.
- New Pension Scheme (NPS) data indicates generation of 4.2 lakh new payroll, that too only from tier-1 account.
The NPS currently manages the corpus of around 50 lakh employees in state and central government. The NITI Aayog said that the payroll data would now be released every month. It would provide a more firm basis for various analysis and studies of the economy and job creation.
We may as well as bid goodbye to the days of analyses based on random sample surveys. Hopefully, this would also end the debate regarding and criticisms about jobless growth in the economyNITI Aayog
A more constructive phase of focusing on deriving the most out of this data for furthering development should now begin, the think tank said. India has, for the first time, introduced monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment, it added.