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EPFO lowers earlier estimate of new enrolment for Sep-Apr period

EPFO's new payroll data suggests that as many as 4,474,859 jobs were created during September 2017 to May 2018. However, the EPFO lowered earlier estimate of new members enrolment by 9.57 per cent for September 2017-April 2018.

twitter-logo BusinessToday.In        Last Updated: July 30, 2018  | 19:59 IST
EPFO lowers earlier estimate of new enrolment for Sep-Apr period

Retirement fund body EPFO's new payroll data suggests that as many as 4,474,859 jobs were created during September 2017 to May 2018. However, the EPFO lowered earlier estimate of new members enrolment by 9.57 per cent, from 4,126,138 to 3,731,251 for September 2017-April 2018.

According to the latest data, the new members enrolment in May is the highest so far in last eight months at 7,43,608. During May, the maximum number of enrolment of 2,51,526 were recorded in the age bracket of 18 to 21 years followed by 1,90,090 in 22 to 25 years age group.

The data is, however, provisional as updation of employees records is a continuous process and gets updated in subsequent months. The retirement body in a statement said that the estimates may include temporary employees, whose contributions may not be continuous for the entire year. For each age-wise band, the estimates are net of the members enrolled and ceased during the month as per the EPFO records, it added.

This year in January, IIM-Bangalore and State Bank of India jointly did a study in which they used EPFO data to claim that India created about seven million formal jobs on a yearly basis.

The EPFO manages social security funds of workers in the organised/semi organised sector. It runs three social security scheme Employees' Provident Fund Scheme 1952, Employees' Deposit Linked Scheme 1976 (EDLI) and Employees' Pension Scheme 1995. It manages the accounts of over six crore members and a corpus of over Rs 10 lakh crore.

Earlier this year, the EPFO had started the practice of updating payroll data on its official portal.

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