New EPFO data shows 15% formalisation rate

The EPFO data is a step ahead of the US payroll counterpart that gives out numbers only according to industry and not states

In April 2018, the government released the first monthly payroll data from September 2017 to February 2018 as per the records of the EPFO, NPS and ESIC. This was based on the recommendation given by a Ghosh & Ghosh study, titled, "Towards Payroll Reporting in India". Continuing the trend, all the three agencies have now released data for the second month in succession (March 2018). Hopefully, this will become a monthly feature. 

As per EPFO data, the total net new payrolls created for the period of September 2017 to March 2018 was 3.9 million. NPS contributed on an average 65,000 new