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Business EconomyPosted at: May 23 2018 4:08PM


India with a conservative 48-50 crore stock, of which adjusting for 45 per cent of agriculture, the stock in manufacturing and services comes to 26.4-27.5 crore. “Even if we take 2 per cent of such, we are perhaps producing at least 5.3-5.5 million new jobs annually. When the economy is growing in excess of 7 per cent, is it too much or too less to expect?” said the SBI report.
Data from EPFO records indicate that new payroll generated during Sep’17-Mar’18 was around 39.3 lakh. The last month released data for the period of Sep’17 and Feb’18 has been revised significantly in upward direction, which may be due to the late return filed by the companies to EPFO.
There has also been debates in the public domain of the disproportionate share of EPFO in those seeking employment and EPFO to total employment stock. However, as the table below shows, using an employment ratio of 54 per cent on 25 million babies that are born every year, the total number of people seeking employment is at 1.33 crore.
“If we strictly, take the payroll in 18-25 age band net of formalisation, this is 33 lakh, 25 per cent of those seeking employment. In contrast, if we take the share of active EPFO subscriber base at 60 million and compare it with the NSSO employment stock of 48 crore(2012), it is at 12.5 per cent, not widely different from 25 per cent. We believe increased share of EPFO may be due to the better formalisation of jobs and the no of regis-tered companies going up,” said the SBI report.
As per the NPS data around 4.65 lakh PRAN generated (or new payroll) during Sep’17 to Mar’18 period, with an average generation of 66,450 per month. The NPS data are the final data and there is no subsequent revisions.
In the data, NPS released that the Central and State Autonomous Bodies are shown under Central & State Government respectively, while “Non-Govt.” refers to “Corporate sector employees”. The Non-Govt. payroll data may not necessarily represent new employment as there may be some persons who were in employment earlier but have opened PRAN recently. In all the 3 groups, only Tier I Active NPS accounts are considered for the analysis. NPS currently manages corpus of 57.9 lakh people in State and Central Government.
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