Sting Newz Desk : Mohandas Pai,Chairman of Manipal Global Education (Manipal University) claims that India produces about 5.5 million jobs every year. He arrives at the number by using membership of provident fund, national pension scheme, employee state insurance and government jobs.
All of these overlap and EPFO is a superset of all. So, we study this data source below. He also draws inferences from the number of automobiles sold.
In 2015-16, there were 37.6 million contributing members to the EPFO, 2.7 million higher than in 2014-15. The increase in 2014-15 was 2.3 million.
Using EPFO data to estimate employment was always fraught with danger.
EPFO’s 2015-16 Annual Report shows there were 171.4 million members. And, it can be inferred from past reports that EPFO membership grew by 41 million in 2014-15 and by 13 million in 2015-16. This would be an unbelievable metric for measuring employment.
In December 2016, the ministry of labour and employment explained that the count of members included multiple accounts of the same member and also those with some balance with the Fund although they may not be contributing.
Courtesy : rediff.com