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Over 52 million formal jobs created under EPFO and NPS in four years : SBI Ecowrap

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According to the State Bank of India’s latest Ecowrap release on 13 September, 2023 which cited payroll data from the Employees’ Provident Fund Organisation (EPFO) and the National Pension Scheme (NPS), India created 52 million formal jobs in the last four years, 47% of which were first jobs.

As per the analysis of the EPFO payroll data for the previous four years, there were 48.6 million net new EPF members added during FY20 to FY23, whereas 3.1 million new NPS subscribers were added over the same time period.

The report states that during the four-year period under consideration, the actual net new payroll under EPFO was 22.7 million, while the second job (or those who exited EPFO and re-joined and re-subscribed) was 21.7 million, during the four-year period ended FY23.

The report suggested using bank sakhis engaged under the National Rural Livelihood Mission (NRLM) as banking correspondents to enable the increase of women in the labour force, citing the 27% share of women in the payroll data.