The EPFO has said that total 9,86,345 jobs were created in May, which is less than 10,15,286 net jobs created in April. The EPFO had created 61,12,223 jobs in the financial year 2018-19 while 15,52,940 were created in 2017-18 (from September 2017). The total jobs in 21 months from September 2017 to May 2019 amount to 96.6 lakh. In May, 11,139 jobs were recorded in less than 18 years of age group, while 2.9 lakh jobs were registered in the 18-21 age groups, which is the highest among all age categories. Total 2.26 lakh people were created in 22-25 age group.
In the 21-month period since September 2017, April 2019 saw the highest net job creation. It was also the first time that formal job creation as per EPFO had crossed level of 10 lakh for a single month. In April 2019, 8.78 lakh new members joined EPF while 3.35 lakh members exited EPF scheme.
However close to 5 lakh members re-joined and re-subscribed to the EPF scheme. In spite of recording the highest net job creation numbers of 10.43 lakh in April 2019, the monthly average number of net job creation has declined by over 2,000 jobs. The monthly average job creation numbers have consistently been declining after every release of EPFO.
The retirement fund body has been releasing payroll data from April 2018, covering the period starting from September 2017. 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 added. The EPFO manages social security funds of workers in the organised or semi-organised sector in India and has more than 6 crore active members (with at least one-month contribution during the year).
Edited by Manoj Sharma
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today