10.43 Lakh jobs created in April.
Net employment creation in the formal sector was reported at 10.43 lakh in April 2019, according to the latest EPFO payroll data. In the twenty-month period since September 2017, April 2019 has the highest net job creation numbers. It's also the first time that formal job creation as per EPFO has crossed level of 10 lakh for a single month.
As per the release, 61.12 lakh jobs were created in the financial year 2019. While 15.52 lakh jobs were created in the seven-month period starting from September 2017 to March 2018. Bringing the total job creation in the twenty month since September 2017 to April 2019 at 87.08 lakh.
In April 2019, 8.78 lakh new members joined EPF while 3.35 lakh members exited EPF scheme. However close to 5 lakh members re-joined and re-subscribed to the EPF scheme.
In spite of recording the highest net job creation numbers of 10.43 lakh in April 2019, the monthly average number of net job creation has declined by over 2,000 jobs. The monthly average job creation numbers have consistently been declining after every release of EPFO.
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|Publication:||Pakistan & Gulf Economist|
|Article Type:||Brief article|
|Date:||Jun 30, 2019|
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