Employees’ Provident Fund Organisation (EPFO) data shows that 7.43 lakh jobs were added in the month of May this year. During the period of nine months between September 2017 and May 2018 a total 44.74 lakh jobs were added. The most of the job creation (66 per cent) was in the 18-25 age group, which is a proxy for new jobs as this is the age when people complete their education and look for their first jobs.Also Read - Provident Fund Alert: Subscribers to Receive 8.1% Interest Rate For 2021-22 | Here's How to Check PF Balance
Under the National Pension Scheme (NPS), 5.68 lakh new subscribers were added in May-September. In the month of May 56,336 new members were added in NPS. Also Read - Provident Fund Alert: EPFO Allows Pensioners To Submit Life Certificate At Any Time | Details Here
The EPFO has at present 6 crore members in the organised and the semi-organised sectors of whom the organisation manages social security funds. The data accordingly reveals the strength of the formal workforce in the country. There is no data for informal workers in the country. Also Read - Provident Fund Alert: EPFO Likely to Credit Interest Rate Soon: Here’s How To Check PF Balance
Under Employment State Insurance (ESIC) scheme 12.75 lakh subscribers were added during the month of May.
For the first EPFI showed estimates of payroll count in April. It showed that at least 3.11 million formal jobs were added in India across different age groups over the period of six months ending February, 2018.
The payroll count is the net addition during the period, which is taken into account after working out the difference between the number of workers who joined and left the EPFO. Moreover, companies that have 20 and more employees need to open EPF account as per Employees’ Provident Funds and Miscellaneous Provisions (EPF & MP) Act. Companies that have less than 20 employees are not part of the payroll count that is shared by EPFO. These firms have to mandatorily make provident fund contributions on behalf of their employees.
The Ministry of Labour and Employment earlier stated in a press statement, “It has now been decided to publish the age-band wise estimate of all new subscribers as declared by their employers. This data can be helpful in policymaking, planning and research work as the planners may have an idea as to what is the estimate of employees in different age band,”