Monthly payroll count of Employees’ Provident Fund Organisation (EPFO) has reported a 43 per cent surge in April, says EPFO. This increase is a net addition of 685, 841 employees as compared to 480,749 reported in March.
As per EPFO data, the highest percentage rise is reported in the age brackets above 26 years. Increase within the younger age bracket is associated with new jobs. Among the older age group increase is associated with the change of jobs or formalisation of companies.
EPFO says that the data is raw and despite its indication towards jobs as a responsible factor for the surge in monthly payroll, it does not provide a clear explanation on the creation of livelihoods.
“We started publishing raw data for the purpose of transparency on jobs in the organised sector but it is very difficult to interpret correctly and derive conclusions out of it,” says V P Joy, Central Provident Fund Commissioner.
For employees who have crossed the age of 30 years, the payroll count has almost doubled in April from March.
As per the report, the absolute number of payroll additions showed the highest rise in 18-25 years bracket but the gap between age-groups had decreased in April.