India created over 4.7 million jobs in 10 months, shows EPFO's payroll data

Retirement fund body EPFO's payroll data suggests that as many as 47.13 lakh jobs were created during September 2017 to June this year.

Retirement fund body EPFO's payroll data suggests that as many as 47.13 lakh jobs were created during September 2017 to June this year.

However, the retirement body lowered earlier estimate of new members enrolment by 12.38 percent, from 44.74 lakh to 39.20 lakh member for September 2017-May 2018 period.

According to the payroll data released by the Employees' Provident Fund Organisation (EPFO) for September-May, as many as 44.74 lakh new member was enrolled for its social security schemes to provide benefits, including provident fund, insurance, and pension.

According to the latest data uploaded today by the EPFO, the new member's enrolment in June is the highest so far in the last 10 month at 7,93,308.

In June, the maximum number of enrolment of 2,53,466 were recorded in the age bracket of 18 to 21 years followed by 2,05,177 in 22 to 25 age group.

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 organized/ semi-organized 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)