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Employment: Highest number of formal jobs created in August in this fiscal

Source | economictimes.indiatimes.com | Yogima Seth Sharma

Highest number of formal jobs so far in the current fiscal were created in the month of August under the Employees Provident Fund Organisation and the Employees’ State Insurance Corporation, signalling a pick up in demand for workers in the organised sector as economic activities gain momentum.

The payroll data of the ministry of statistics and programme implementation, released on Friday, shows the net new additions under EPFO stood at 10,05,852 while the number of newly registered employees under ESIC stood at 9,30,803 in August.

Even the new subscribers under the National Pension Scheme were higher in August at 37,447 compared to 34,862 in July. However, the highest contribution under the scheme in the current fiscal was in April at 64,647 followed by May at 43,888, largely on the back of last-minute investment to avail tax exemptions.

According to the data, the number of people who ceased to contribute to EPFO was lowest in August in the current fiscal at 2,45,859 while the number of people who exited and rejoined the scheme in the month under consideration stood at 5,81,797.

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Source
economictimes.indiatimes.com
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