EPFO which is a barometer for judging the formal job creation In India has been posting healthy numbers for the current financial year.
A total of 20 lakh jobs have created in the first two months of the current financial year; 10.15 lakh in April and 9.86 lakh in May.
The good news in this month's payroll numbers is that the average monthly job creation in India has seen an uptick. As per the latest payroll release of EPFO, the average monthly job creation stands at 4.60 lakh which is the highest since February 2019.
Since the November 2018 release, when the average job creation was 6.11 lakh a month, the numbers have steadily declined. The average monthly job creation was 5.65 lakh in December 2018, 4.90 lakh in January 2019. In February it declined to 4.52 lakh, and continued to slide at 4.50 lakh in March, 4.49 lakh in April and 4.37 lakh in May 2019. As per the July release of EPFO, the job creation numbers show a increase of 5.26 per cent in average monthly job creation in India's formal employment.
In the previous release of EPFO in which the job creation numbers of April 2019 were reported, displayed a robust creation of 10.43 lakh jobs. In the recent release, April's number has seen a downward revision of 27,758 jobs. The job creation numbers for the month of April 19 stands at 10.15 lakh as per the latest EPFO disclosure.
The job creation numbers for the year 2018-19 stands at 61.12 lakh, while 15.52 lakh jobs were created in the seven month period from September 2017 to March 2018. It is also important to note that no downward revision has been made in these numbers in comparison to the last EPFO's payroll release.
In the month of May 2019, 11,139 jobs were created in the age group of less than 18 years, 2.9 lakh jobs were created in the age group of 18-21 years, 2.56 lakh jobs in the age group of 22-25 years, 1.20 lakh for 26-28 age group, 1.6 lakh jobs in 29-35 age group and 1.47 lakh jobs for people aged more than 35 years .
In the age group of 18-21 years and 21-25 years, which account for more than half of the job creation in May 2019, the top five states which produced these jobs are Maharashtra, Tamil Nadu, Karnataka, Gujurat, Haryana and Delhi.
For the same age group (18-25 years) the top avenues were expert services, trading (commercial establishments), engineering, textiles, building and construction industry and establishments which are engaged in manufacturing, marketing servicing and usage of computers.