HR NEWS

India would add over 7 million new jobs in fiscal year 2017-18, report

India would add over 7 million new jobs in fiscal year 2017-18, report

According to a new report, India is all set add more than 7 million jobs by the current fiscal ends, that is by March 31. Last week, Professor Pulak Ghosh of IIM, Bangalore, and Group Chief Economic Adviser of State Bank of India, Dr Soumya Kanti Ghosh, prepared and released a report that is bound to make Modi government and people of India happy. The report is titled as, ‘Towards a Payroll Reporting in India’. The report is based on the account of organised sector employment data. The report includes inputs from the Employees’ Provident Fund Organisation (EPFO), the Employees’ State Insurance Corporation (ESIC), and National Pension System (NPS) enrollment numbers up to the end of November 2017. The researchers have extrapolated for the full year 2017-18.

Since the report includes data from various employee funds organisations that date only to November 2017, hence in order to be conservative on estimates, and to avoid any anomaly, researchers have excluded the zero-contribution accounts and considered new workers in the age group 18-25 reports The Indian Express. Both Pulak Ghosh and Soumya Kanti Ghosh say that the assumptions and exclusions are accurate. But they have said that the study does not provide the actual image India’s current jobs situation. This is because of the demonetisation exercise that was conducted in November 2016 and the introduction of the tax reform, Goods and Services Tax (GST).

However, it should be noted that the Labour Bureau’s fifth Quarterly Employment Survey (QES) tell us that from between January and March 2017, job creation stood at 185,000 as against 122,000 in October-December 2016 and 32,000 in July-September 2016. Similarly, an analysis conducted by The Indian Express which was published on October 4, 2017, depicts that 121 companies that were listed under BSE 500 index saw a decline in net hiring in 2016-17. The 121 companies did not include IT and financial services firms. The net hiring in these companies fell from 742,012 to 730,694. The report also highlighted a decline of 11,318 employees across sectors such as metal, power, capital goods, construction and FMCG.

The report, ‘Towards a Payroll Reporting in India’ said: “Based on all estimates, payroll of 5.9 lakh, that is 7 million annual was generated every month in India in current fiscal.” According to the study, the total stock of payroll for the major organised sector segments (EPFO, ESIC, GPF and NPS) was 9.19 crore in March 2017. And if zero contribution accounts too, are included, the organised sector workforce numbers would rise to 10 crore.

Source: Financial Express

7 months ago

By admin


Social Share : Share      

Comments.....

Submit new comment

Most Viewed

Indians In Kuwait & Dancing Divas - Kuwait, organized a Seminar on the Topic of ...

7 months ago

India would add over 7 million new jobs in fiscal year 2017-18, report...

7 months ago

Job cuts feared due to possible Nicco Corporation liquidation ...

10 months ago

Orange boss and tycoon Bernard Tapie sent to trial in France: Report...

8 months ago

100 per cent fruit juice may not increase diabetes risk: Research...

7 months ago

Kids with chronic illness show signs of mental health problems...

7 months ago

Tim Hortons responds to franchisees’ ‘reckless’ benefits cuts...

7 months ago

Frail older adults may experience delirium after surgery...

6 months ago

WHO stamps Himachal Pradesh doctor low-cost protocol for rabies prophylaxis...

6 months ago

Bipolar disorder has seven key factors: Study...

8 months ago

Most Shared

Mass redundancies for Quebec cookie factory...

2 years ago

Trump this: 5 bold predictions for how he’ll impact HR...

2 years ago

InfoTycoon appoints existing President and COO Kevin George to succeed James Dav...

2 years ago

Sushant Dwivedy joins Aspiring Minds as SVP-Enterprise Client Solutions...

2 years ago

Uber introduces special reward programme...

2 years ago

Standard Chartered Bank to reduce 10% corporate & institutional banking staff...

2 years ago

National CineMedia (NCM) creates Affiliate Partnerships team, names Stacie Tursi...

2 years ago

OCC Names New CFO, Treasurer, and Chief Compliance Officer...

2 years ago

Beards at work are now a major turn-off say 61% of female office workers...

2 years ago

First female fast jet pilot of Britain hired as director at PwC...

2 years ago