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Business EconomyPosted at: May 23 2018 4:05PM


Total 39-lakh net new jobs created between Sep’17 and Mar’18

New Delhi, May 23 (UNI) As per Employees' Provident Fund Organisation (EPFO) data, total net new jobs created were 39 lakhs for the period of September 2017 to March 2018.
According to a report prepared by largest public sector bank State Bank of India (SBI), the National Pension Scheme (NPS) contributed on an average 65,000 new payroll (new jobs) per month.
In April 2018, Government had released the first monthly payroll data as per the records of EPFO, NPS and Employees' State Insurance Corporation (ESIC). This was based on the recommendation given by Ghosh & Ghosh study.
According to the SBI report, most importantly, the ECR (Electronic Challan cum Return) data published by EPFO for the first time gives us a clear idea of the extent of formalisation that is happening in the economy.
As per the data, a total of 28,627 establishments remitted their first ECR during September 2017 to March 2018 period. This number is the proxy for existing organisations that migrated from less than 20 jobs. Thus, when we multiply the number of organisations with the EPFO cut-off / 20, this gives us the total payroll due to formalisation. This comes to 5.8 lakhs.
Hence, the new employment (excluding formalisation) during Sep-Mar’18 is 33.6 lakh (39.3 lakh net of 5.7 lakh). This give us average formalisation of around 15 per cent.
The state wise data shows that the top 10 states account for 85 per cent of the new payroll created, after adjusting for formalisation. The top 10 industries also encompasses 84 per cent of total new payroll.
As per the SBI report, US produces 25 lakh new jobs, has a population of 31.5 crore with a working population of 20 crore, translating into an 1.2 per cent flow for stock with an annual growth of 2.5 per cent. China produces 15 million new jobs out of 780 million stock- 2 per cent of flow with an annual 6.5 per cent growth.
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