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22-Apr2019

Job creation trebles in February to reach 8.61 lakh: EPFO

The Retirement fund body, Employment Provident Fund Organisation (EPFO) in its latest 'Net Payroll Data' report has showed that job creation in India's formal sector almost trebled to 8.61 lakh in February 2019 in comparison to 2.87 lakh reported during the corresponding month last year. It noted that the highest ever job creation figures were reported in January 2019 at 8.94 lakh against the provisional estimate of 8.96 lakh released last month.

According to data, during February 2019, the highest number of 2.36 lakh jobs were created in the 22-25 years age group. This was followed by 2.09 lakh jobs in the 18-21 years age bracket. It also showed that 80.86 lakh new jobs were created in the 18 months period from September 2017 to February 2019. However, the payroll data has revised downward the number of net subscribers added or new jobs created from September 2017 to January 2019 to 72.24 lakh from 76.48 lakh released last month.

The EPFO stated that the sharpest revision was for March 2018 in the latest report which showed contraction or exit of 55,934 members from the EPFO subscriptions. Last month, the EPFO payroll data had showed that as many as 29,023 members exited from its schemes in March 2018. In February 2019, the EPFO data had showed that as many as 5,498 members joined EPFO schemes in March 2018. On contraction in March 2018 numbers, it said, the figure is negative due to large number of exits reported in the month of March, in view of it being the closing month of the financial year.



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