According to Niti Aayog, National Institution for Transforming India, the payroll data that has been released by the EPFO, PFRDA and ESIC is an eye opener. The data can put to rest speculations about job creations in the economy.Payroll data from EPFO, ESIC and PFRDA eye opener to the job creation growth in the economy.
The three organisations, on Wednesday for the first time ever, released age-wise payroll data for six months to February. The data from EPFO (Employees’ Provident Fund Organisation) showed new members to the amount of 3.1 million across all age groups The PFRDA (Pension Fund Regulatory and Development Authority) released data that showed 0.42 million new accounts opened under the NPS (New Pension System. This totals up to 3.52 million for the six months up to February.
Niti Aayog stated that hopefully this data will bring an end to the debate regarding the low growth of job creations in the economy. There has been a lot of criticism that jobs were not being created in the country. The numbers shown in the data collected for the respective six months are provisional. The final number could be much higher than 3.52 million. Going forward, the age-wise data of new accounts will be released on a monthly basis.