The EPFO which is responsible for the management of social security welfare funds of employees in both organized and semi organized sector released the payroll data statement. The payroll data is nit final, might be updated and it is provisional, a clarified by the body.
It further clarified that it might include temporary employees as well, who might not work all year long and might not contribute the entire year. The payroll date made a remarkable announcement that 4.4 jobs have been created in last 9 months. May recorded the highest number of enrolments.
The EPFO runs three social security welfare funds, namely, Employees’ Provident Fund scheme, Employees’ Deposit Linked Scheme and employees’ Pension scheme. It already has more than six crore members and it witnessed a surge this year in the enrolments.
The highest enrolments took place in the age bracket of 18 to 21 years of employees. This was followed by the employees falling in the bracket of 22-25 years age group. While, it is interesting to note that in other age group brackets the change has not taken place, as the number of new members added and those memberships which have ceased have balanced each other out.
New enrolments for the provident benefits, insurance schemes, pension security has generated a hope that India is overcoming the situation of jobless growth which it was facing since a decade.
However, many other economic reforms have to be taken by all the stakeholders to smoothen the situation. The condition and present day reality is promising. Today India is blessed with demographic dividend. In order to make the most of it, the focus should be on capitalizing the human resource it has today. Job creation and social security is the best way to do that.