As per the Central Statistics Office (CSO) Report, Nearly 2 crore jobs were created in 16 months to December 2018. Employees State Insurance Corporation (ESIC) provided payroll data based on people joining various social security schemes run by the Employees Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA).
ESIC provides health insurance and medical services to its insured person covering all those establishments which have 20 or more workers and all those employees whose monthly wages are up to Rs 21,000.
As many as 1.96 crore new subscribers joined during September 2017 and December 2018. Similarly, the EPFO data showed that employment generation in the formal sector almost trebled to touch a 16-month high of 7.16 lakh in December 2018 compared to 2.37 lakh in the year-ago month. It indicated that around 72.32 lakh new subscribers were added to social security schemes of the EPFO from September 2017 to December 2018. Again, 10.7 million new members from September 2017 to June 2018.
Employees Provident Fund Organisation (EPFO) covers all those firms that have 20 or more employees. Workers whose basic wages are up to Rs 15,000 per month at the time of joining the jobs are mandatorily covered under the scheme.