A survey report by Employees’ Provident Fund Organisation (EPFO) shows at least 3.11 million formal job opportunities have been added in India across different age groups over the period of six months ending February 2018. This is the first time that estimates of payroll count, based on a database maintained by EPFO, has been shared by the Central government.
The Ministry of Labour and Employment 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.”
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The provisional figures released by the EPFO for six months showed 3.11 million workers joined the workforce in the formal sector during September 2017-February 2018. On a pro-rata basis, this would mean that 6.22 million additional jobs were created in 2017-18. However, this may be a generalization as the pattern of jobs every month was quite erratic from September to February. For instance, addition to jobs slowed in three months out of the six months under review. The slowdown was steepest for February on a monthly basis.
Madan Sabnavis, Chief Economist with CARE Ratings, said, “Definitely some jobs are being created. The last few months of a financial year are never really a recruiting https://www.pass4lead.com/400-101.html time, if you are looking at the organized sector. Also, people may exit during the end of the financial year. That is why February figures might be throwing a lower number.”
EPFO assists the Central Board in administering a compulsory contributory https://www.pass4lead.com/400-051.html Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India. (Image- timesjobs.com | Source- Economic Times)
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