India jobs crisis: How accurate is EPFO payroll data?
Experts say the numbers must not be construed as job additions, as they signal formalization of existing jobs
New Delhi: On the face of it, India does not have a jobs crisis. While 12 million people enter the labour market each year, the fresh official payroll data showed 14.56 million new subscribers registered with the Employees Provident Fund Organization (EPFO) in the year to 31 August. During the same period, 9.1 million employees stopped subscribing to the EPFO, indicating a churn.
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