According to latest EPFO payroll data, India generated 7.16 lakh jobs in December 2018 in the formal sector compared to 2.37 lakh in the corresponding period last year (2017), reports Business Today.
This addition in December 2018 was also the highest in the last sixteen months. Between September 2017 to December 2018, 72.32 lakh new subscribers were added to Employees' Provident Fund Organisation (EPFO), indicating as many new jobs were created in the organised sector of the economy.
Employee Provident Fund Organization (EPFO) is a statutory body that administers the Provident Fund Scheme and all new employees in the organised sector are mandatorily subscribed to the scheme at the time of joining.
Also, in its latest report, EPFO revised its payroll data for November 2018 downwards by 23.44 per cent to 5.80 lakh against the earlier estimate of 7.16 lakh released last month.
New Milestone For Job Creation
On 14 January 2019, NDA government’s flagship employment scheme, Pradhan Mantri Rozgar Protsahan Yojana (PMRPY) crossed the significant milestone of one crore beneficiaries.
Launched by Prime Minister Narendra Modi on 7 August 2016, PMRPY encourages employers to hire more people and promote employment in the country.
Under the scheme, the government pays the entire employers’ contribution of twelve per cent (towards both Employees’ Provident Fund and Employees’ Pension Scheme), for three years. These benefits are only applicable for new employees hired on or after 1 April 2016, registered with the EPFO and with salaries less than Rs 15,000 per month.
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