EPFO payroll data shows second-highest job creation in July at 11.62 lakh
BusinessToday.In September 23, 2019
Net employment creation in the formal sector was reported at 11.62 lakh in July 2019, according to the latest Employees' Provident Fund Organisation (EPFO) payroll data. July saw the second highest net job creation numbers, short of 12.23 lakh reported in June 2019 in the previous EPFO release.
This is also the third time that formal job creation as per EPFO has crossed 10 lakh in a single month. The other months were April 2019 and June 2019.
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.
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).
As per the latest release, since September 2017, 1.14 crore jobs have been created. Out of which, 15.53 lakh jobs were created between September 17 to March 18. A total of 61.12 lakh jobs were created during full fiscal 2019. In the current fiscal 37.9 lakh jobs have already been created.
10.5 lakh new members joined the EPF scheme in July 2019, while 4.28 lakh existing members exited the EPF scheme. However the number of exited members who re-joined and re-subscribed the EPF stood at 5.4 lakh, bringing the net payroll number for the month to a steep figure of 11.62 lakh.
In the month of July 2019, maximum jobs of 3.27 lakh were created for the age group 18-21. For the age group 22-25, 3.23 lakh jobs were created. For the employees between the age group 26-28, a total of 1.4 lakh jobs were created followed by 1.93 lakh jobs in the 29-35 age group and 1.69 lakh jobs for people above 35 years.
The retirement fund body has been releasing payroll data from April 2018, covering the period beginning September 2017.