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Amid the second wave of the pandemic new job creations witnessed a good jump in the first quarter (April-June) of the current financial year, a report by SBI has stated. In these three months more than 16.3 lakh jobs were created, said the report with the help of latest available data of Employees’ Provident Fund Organisation (EPFO) and National Pension System (NPS). The data indicate that in Q1FY22 labour market disruptions were lower during the second wave compared to the first wave of the pandemic.
Besides, a good number of second job creations also happened during this period. More than 11.8 lakh pay rolls were created for second jobs/existing payroll and 2.6 lakh were formalised accounts. The cumulative figure for new payroll the first quarter stood at 30.75 lakh, revealed the study.
New jobs creation
In the total 30.75 lakh new jobs, the ratio of first jobs/new payrolls to total payroll was 50%, indicating out of every two jobs a new one was added to the payroll. This was also an improvement from 47% in the comparable period in FY21.
“India created 30.74 lakh payroll in Q1FY22, of which 16.3 lakh were first jobs / new payroll include EPFO and NPS, 11.8 lakh were second jobs /existing payroll and 2.6 lakh were formalised accounts,” wrote Soumya Kanti Ghosh, chief economic advisor, SBI, in the report.
EPFO data
The latest data released by EPFO indicates that net new EPF subscribers during Apr-Jun’21 were 28.9 lakh.
The net new EPFO subscribers or total payroll is the sum total of new payroll/first job, formalisation of account and existing payroll or second job. As per SBI calculation, the total payroll was 28.9 lakh for Q1FY22, of which 14.5 lakh were first job / new payroll. If the payrolls increase at this rate, then the new payroll may cross 50 lakh marks in FY22 as against 44 lakhs in FY21, estimated the study.
The second job or the exited members who re-joined and re-subscribed was also encouraging and stood at 11.8 lakh in Apr-Jun’21 period. The formalisation of EPF account was 2.6 lakh in Q1 of FY22.
NPS data
On the other hand, NPS or national pension system data indicates that there was an addition of 1.85 lakh new subscribers in April-June period, of which state government payrolls added 1.27 lakh, followed by non-govt of 37,587 and 20,353 in central government payroll, said the study.
Cumulatively, total new payroll or first job generation of EPFO and NPS was almost 16.3 lakh in April-June period.
CMIE data
According to the Centre for Monitoring Indian Economy (CMIE), unemployment rate in India was 7.97%, 11.84% and 9.17% in April, May and June respectively. But in July it bounced back to 6.96% and in August it again went down to 8.32%.
Since the first wave ebbed, May 2021 was the worst month followed by June and December 2020 (9.1%) in terms of unemployment rates.