Of the 3.1 million new additions across age groups, 1.85 million jobs were created in the 18-25 age group, considered a proxy for new jobs
The government released the first-ever estimate of payroll count based on Employees’ Provident Fund Organisation’s (EPFO) subscription database.
It showed that 3.11 million jobs were added in the formal economy in six months during September 2017-February 2018.
The payroll count is essentially the difference between the number of workers who joined and exited from the EPFO's fold.
The EPFO manages social security funds of workers in the organised and the semi-organised sectors and has, at present, 60 million members with active contribution.
Of the 3.1 million new additions across age groups, 1.85 million jobs were created in the 18-25 age group, considered a proxy for new jobs.
Is the data comprehensive? And can it be taken as an indicator for jobs growth in the country.To know answers to all the queries, watch the video where Moneycontrol Economy Editor Gaurav Choudhury is in conversation with Sakshi Batra.