NPS, EPFO data shows 5.2cr jobs created in 4 years
A recent State Bank of India (SBI) research report reveals that India has generated over 5.2 crore payrolls in the last four years, with a significant increase in women's participation. The report analyzed the Employees Provident Fund Organization (EPFO) payroll data trends and found that the net new EPF subscriber addition from FY20 to FY23 was 4.86 crore. The National Pension System (NPS) data also indicates that around 31 lakh new subscribers joined in the last four years.
Record-breaking payroll growth predicted for FY24
The EPFO payroll data for the first quarter of the current financial year shows 44 lakh net new EPF subscribers joining, of which the first payroll was 19.2 lakh. If this trend continues for the whole fiscal year, then in FY24, the net new payroll could cross the 1.6 crore mark, which would be the highest-ever. The NPS data also shows that there were 8.24 lakh new subscribers in FY23, with state government payrolls having the highest number of subscribers.
Decline in rejoining members, women's participation rises
The SBI report highlights a notable feature in the current EPFO data - a significant decline in the revision of the number of members rejoining or resubscribing in the first quarter of the current financial year. This suggests that more individuals may be opting to remain in their current employment, indicating stable job markets. Additionally, the report points out that women's participation in the workforce stands at around 27%.
SBI suggests measures to boost female workforce participation
To enable an increase in the number of women in the labor force, SBI recommends that Bank Sakhis hired under the National Rural Livelihood Mission (NRLM) may be considered for appointing as Banking Correspondents. They are well-versed in routine bank operations and possess mandated IIBF certification. A policy may also be framed to mandatorily recruit at least 30% of the total workforce as women Banking Correspondents, particularly in locations where access and usage of the accounts by women is low.
