Four out of five employers in India report facing difficulty in finding the talent they need. Meanwhile, 52 million additions were made to the payrolls over the past four years.
The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Friday by the ministry highlighted that the EPFO has added 16.26 lakh net members in the month of November 2022.
The provisional payroll data highlights that EPFO has added 18.23 lakh net members in July 2022. However, the year-on-year comparison of payroll data reflects an increase of 24.48 percent in net membership addition.
The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Tuesday highlighted that of the total new members added in July, around 10.58 lakh members have come under the social security cover of EPFO for the first time
First time job seekers have contributed around 48.82 percent of total net subscriber additions in July.
Industry-wise analysis indicates that the ‘expert services’ category continues to be the best performer with 5.65 lakh net payroll addition during January 2021
Around 72.32 lakh new subscribers were added to social security schemes of the Employees' Provident Fund Organisation (EPFO) from September 2017 to December 2018, the data showed. This indicates that these many jobs were created in the last 16 months.
Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 187,000 jobs, with estimates ranging from 110,000 to 225,000.
Economists expected payroll growth of 225,000 in August following July's upwardly revised 212,000. The unemployment rate was forecast to drop to 6.1 percent from 6.2 percent.
The payroll employment number were certainly disappointing but that will not stop Federal Reserve to cut back the stimulus though it may be a bit late, says Peter Hooper.