EPFO payroll data: 827k new jobs in October; 7.9 million in 14 months

Employment generation in the formal sector nearly trebled to 827,000 in October 2018 as compared to 281,000 in the same month a year ago, while 7.9 million jobs were added in 14 months since September 2017, according to EPFO payroll data released on Thursday.

Around 7.9 million new subscribers were added to social security schemes of the Employees’ Provident Fund Organisation (EPFO) from September 2017 to October 2018, the data showed. This indicates that these many jobs were created in the last 14 months.

However, the payroll data  showed that there is a downward revision of 10.81 per cent in the new jobs at about 7 million created in 13 months till September 2018, from earlier estimates of 7.9 million released by the EPFO last month.

Similarly, the payroll data for September 2018 has also been revised downward by 5.5 per cent to 875,000 from 973,000 released last month.

However, the job creation remained highest in September 2018 during the 14-month period till October 2018.

The lowest number of 159,000 subscribers were added to the EPFO schemes in March this year according to data for that month which was also revised downward from 236,000 estimate released last month.

During October this year, the maximum number of 232,000 jobs were created in the 22-25 years’ age group followed by 222,000 in the 18-21 years’ age bracket.

The EPFO said in its statement that the data is provisional as updation of employee records is a continuous process and gets updated in subsequent month(s).

This is age-band wise data of new members registered under the EPFO where the first non-zero contribution received during particular month. For each age-wise band, the estimates are net of the members newly enrolled, exited and rejoined during the month according to records of the EPFO, it added.

Data also shows

• There is a downward revision of 10.81% in the new jobs at about 7 mn created in 13 months till September, from earlier estimates of 7.9 million released last month
• During October, the maximum number of 232,000 jobs were created in the the age group of 22-25 years followed by 222,000 in the 18-21 years’ age bracket
• The data for September has also been revised downward by 5.5% to 875,000 from 973,000 released last month