NPS: India added 5.2 crore new formal jobs in FY20-23: Report

NPS: India added 5.2 crore new formal jobs in FY20-23: Report

India created 52 million formal jobs in the last four years, 47% of which were first jobs, the State Bank of India said in its latest Ecowrap report, citing payroll data of the Employees’ Provident Fund Organisation (EPFO) and the National Pension Scheme (NPS).

Analysis of EPFO payroll data showed there were 48.6 million net new EPF subscriber additions during FY20 to FY23 while 3.1 million new subscribers were added to the NPS during the period, the report said.

The actual net new payroll under EPFO stood at 22.7 million during the four-year period while the second job (or those who exited EPFO and re-joined and re-subscribed) stood at 21.7 million.

The report predicted sustainable increase in payroll data in the current fiscal.

“Already 4.4 million net new EPF subscribers have joined, of which the first payroll was 1.92 million. If this trend continues for the whole fiscal, then in FY’24, the net new payroll is expected to cross the 16 million mark, which will be the highest ever, with first payroll expected to be in the range of 7-8 million,” Soumya Kanti Ghosh, group chief economic adviser, said in the Ecowrap, released Tuesday. According to Ghosh, an interesting feature of the current EPFO data is the significant decline in revision of the number of members who have either rejoined or resubscribed in the first quarter of this fiscal.

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Author: Shirley