EPFO, ESIC and PFRDA to release monthly payroll data in bid to boost formal sector

NEW DELHI: The Employees' Provident Fund Organisation (EPFO), Employees' State Insurance Corporation (ESIC) and the Pension fund Regulatory and Development Authority (PFRDA) have released payroll data, which could offer insight into various patterns in the formal sectors, and provide the perspective to push growth and planning.

The payroll reporting for the formal sector would be done on a monthly basis to facilitate analysis of new and continuing employment, a statement from the government said.

The payroll data that has been released by the three organisations is categorised by age. It covers the months September 2017 to February 2018.

The move is aimed at doing away the speculative and conjectural readings of job creation in the economy. The data set is being provided for the first time, providing perspective the way new data in the Economic Survey 2018 had been able to track inter-state movement of goods and services in an unprecedented manner.

The statement from the government said other organisations - like ICAI, Bar Council, Medical Council and other professional bodies - could also report payroll data for their professions.

The data set released on Thursday shows that between September 2017 and February 2018, 31.10 lakh new additions across all age groups were made in the payrolls.

"The payroll data from these three organisations would now be released every month. Given that till now there was no such system in place, this data would provide a more firm basis for various analysis and studies of the economy, job creation, as also aid in policy making," the government statement said.