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EPFO data reveals over 4.4 million jobs created in last nine months till May

As per the payroll data released by the retirement fund body (EPFO), 4,474,859 jobs were created in the nine-month period between September 2017 to May this year. The EPFO, however, has lowered its earlier estimate of new members enrollment by 9.57 per cent, from 4,126,138 to 3,731,251 for September 2017-April this year.

As reported by Live Mint, data released by the EPFO last month for September to April, as many as 4,126,138 new members were enrolled for its social security schemes to provide benefits, including provident fund, insurance, and pension.

According to the latest data released on Saturday the new member’s enrolment in May is the highest so far in the last eight month standing at 7,43,608. During the month of May alone, the maximum number of enrolment of 2,51,526 were recorded in the age bracket of 18 to 21 years followed by 1,90,090 in 22 to 25 years age group.

The payroll data statement says that the data is provisional as the updating of employees records is a continuous process and gets updated in subsequent months, however, the body stated that the data may include temporary employees, whose contributions may not be continuous for the entire year.

The EPFO manages social security funds of workers in the organized/semi-organized sectors. It also effectively runs three social security scheme Employees’ Provident Fund Scheme 1952, Employees’ Deposit Linked Scheme 1976 (EDLI) and Employees’ Pension Scheme 1995. The body has been managing the accounts of over six crore members and a corpus of over Rs 10 lakh crore.

Soon after the Opposition, during the debate on the no-trust vote, accused the Modi government of failing to create sufficient jobs, the EPFO updated the payroll data on its official portal and will continue to do so.

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OpIndia Staff
OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

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