Net employment creation in the formal sector stood at 10.08 lakh in December 2019, shows data released by the Employees' Provident Fund Organisation (EPFO). As per the updated data, 5.59 lakh jobs were created in the same month in 2018, while 10.09 lakh EPF subscribers were added in November 2019.
For the month of November 2019, the EPFO made a downward revision of 1.54 lakh jobs, which is the biggest revision made for any month in the current fiscal.
Around 1.41 crore new subscribers were added to social security schemes of the EPFO from September 2017 to December 2019, the data showed. This indicates that these many jobs were created in the formal sector over the past 28 months. Of this, 15.53 lakh jobs were created between September 2017 to March 2018. A net of 61.12 lakh jobs were created in FY19, while 65 lakh jobs were created in current fiscal till December 2019.
The average job creation as per the EPFO payroll stands at 5.06 lakh a month, which is the lowest in the last four months. In the preeceding four EPFO releases, the average job creation was 5.15 lakh, 5.09 lakh, 5.15 lakh and 5.16 lakh respectively.
In the month of December 2019, maximum 2.77 lakh jobs were created in the age group of 22-25 years, followed by 2.66 lakh jobs in the age group of 18-21 years. In the age group of 29-35 years, 1.77 lakh jobs were created and 1.54 lakh jobs in above 35 years age group. In the age group of 26-28 years, a total of 1.27 lakh jobs were created, followed by 6,863 in below 18 years age group.
As per the updated data, in FY20, the highest number of 10.09 lakh net jobs was created during the month of November, while only 4.10 lakh jobs was created in May, as per the EPFO data.
EPFO said the data is provisional as updation of employee records is a continuous process and gets updated in subsequent months. In the current fiscal a total downward revision of 7.44 lakh jobs were made. The highest downward revision was made in the month of November (1,53,625 jobs) followed by October (1,33,137 jobs) and September (1,05,817 jobs).
Recently, SBI in its Ecowrap report said that, the slow pace of economic growth will have a direct impact on the payroll creation resulting in at least 16 lakh fewer jobs during 2019-20.
The retirement fund body has been releasing payroll data from April 2018, covering the period starting from September 2017.The EPFO manages social security funds of workers in the organised and semi-organised sector in India and has more than 6 crore active members.