Net employment creation in the formal sector stood at 10.86 lakh in August 2019, according to the latest Employees' Provident Fund Organisation (EPFO) payroll data. August saw the second highest net job creation numbers this fiscal, less than 11.17 lakh reported in July.
As per the latest release, since September 2017, 1.23 crore jobs have been created. Out of which, 15.53 lakh jobs were created in between September 2017 to March 2018. A total of 61.12 lakh jobs were created in FY19. In the current fiscal 47.3 lakh jobs have been created.
A total of 8.73 lakh new members joined the EPF scheme in August 2019, while 2.7 lakh exited. However, the number of members who re-joined and re-subscribed stood at 4.9 lakh, bringing the net payroll number for the month to a steep figure of 10.86 lakh.
In the month of August 2019, 2.93 lakh jobs were created in the age group 22-25. In the age group 18-21, 2.83 lakh jobs were created. In the age group 26-28, a total of 1.35 lakh jobs were created, followed by 1.89 lakh jobs in the 29-35 age group and 1.77 lakh jobs in above 35 age group.
The retirement fund body has been releasing payroll data since April 2018, covering the period starting September 2017.
The estimates may include temporary employees whose contributions may not be continuous for the entire year. 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.