AMN
Government has introduced monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment. It will put an end to all speculations and conjectures regarding job creation in the economy.
The payroll data from Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC) and the Pension fund Regulatory and Development Authority (PFRDA) would now be released every month.
Strengthening the Government’s efforts for job creation and formalization of the economy, this data would provide a more firm basis for various analysis and studies of the economy, job creation, as also aid in policymaking.
The three organisations, on Wednesday, released the payroll data for six month period from September, 2017 to February 2018. EPFO data shows that during the period 31.10 lakh new additions across all age groups were made in the payroll.
From the PFRDA, the New Pension Scheme (NPS) data indicates generation of 4.2 lakh new payroll during the period, that too only from Tier-I account. From the above two organisations itself, 35.3 lakh new payrolls were generated during this six month period.
In addition, the ESIC data also mirrors the payroll growth shown in the EPFO and PFRDA. Since ESIC data is not Aadhar seeded there is further scope of some modifications.