New Delhi: According to the monthly payroll data of Employees’ Provident Fund Organisation (EPFO), new job creations in the month of July jumped to 9.51 lakh at an 11-month high taking the total figure to 61.81 lakh since September 2017. It is the highest statistics in any month since September 2017 when the retirement fund body started releasing payroll data. Also Read - EPFO Cuts Interest Rate on Deposits to 8.5 Per Cent For 2019-20
In July, the maximum number of enrolment of 2,68,021 were recorded in the age bracket of 18 to 21 years followed by 2,54,827 in 22 to 25 age group. Also Read - Taking Steps For Speedy Redressal of EPFO, ESIC Related Grievances: Santosh Kumar Gangwar
Job addition figure at 9,51,423 in the month of July includes new members enrolled in various social security schemes of EPFO such as pension, PF and insurance. In total, as many as 61,81,943 jobs were created during September 2017 to July 2018 period, the payroll data showed. Also Read - EPFO Likely to Cut Interest Rate by 15-25 Basis Points For This Fiscal: Report
The EPFO also revised upward the number of new enrolments from September 2017 to June 2018 to 52.30 lakh from 47.13 lakh estimated earlier last month.
The data is provisional as updating of employees records is a continuous process and gets updated in subsequent months, the EPFO said in a statement.
It also stated that the estimates may include temporary employees, whose contributions may not be continuous for the entire year.
For each age-wise band, the estimates are net of the members enrolled and ceased during the month as per the EPFO records, it added.
The EPFO manages social security funds of workers in the organised/ semi organised sector. It runs three social security scheme Employees’ Provident Fund Scheme 1952, Employees’ Deposit Linked Scheme 1976 (EDLI) and Employees’ Pension Scheme 1995. It manages the accounts of over six crore members and a corpus of over Rs 10 lakh crore.
Earlier this year, the EPFO had started the practice of updating payroll data on its official portal. The body had also lowered its payroll data estimates earlier.
The new members enrolment in June for the last 10 month was at 7,93,308. In June 2,53,466 new jobs were recorded in the age bracket of 18 to 21 years followed by 2,05,177 in 22 to 25 age group.
(With PTI Inputs)