There were at least 2.2 million formal jobs that were added to the economy over the last six months as per the payroll data as was shared by the Employees’ Provident Fund Organisation (EPFO) and the National Pension System (NPS) for the first time, boosting the credentials of the government on the job creation front. In totality, the data of EPFO shows about 3.1 million additions through various age groups since February, out of which people falling in the age group of 18-25 years, were considered for a substitution for new jobs and it tentamounts to over 1.85 million people. This age-wise classification is also a new move. As per experts, Additions in the higher age groups barring the age band of 18-25 years, advocate greater reinforcement of the economy.
As far as NPS is considered, the new accounts that were opened in the central and government domain were lying at 350,000 during this tenure and which subsequently corresponds to claim of 2.2 million jobs. This data is indeed a comfort to the government which was facing a lot of backlash over lazy job creation in the country. As per the payroll numbers released by the Employees’ State Insurance Corp. the total addition in the age group of 18-25 years is 830,000, which makes the total number of jobs created in the six months to more than 3 million.
NOT A FULL COUNT
India’s sorted out information on payroll is right now collated with the help of data from firms enlisted under ESIC and EPFO. Be that as it may, organizations with 20 and more representatives are enrolled under the Employees’ Provident Funds and other miscellaneous provisions act, while the ESIC Act covers those with at least 10 workers. Likewise, huge entities, or the exempt associations, can deal with their retirement fund in-house. EPFO trusts the age-wise indexing will help arrangement making.