Karnataka features among the three Indian states to have generated the maximum number of jobs in the formal sector in the last one year. The information comes from the Employment Outlook Report brought out by the Ministry of Statistics and Programme Implementation (MoSPI), in its Employment Outlook Report.
The report is based on data from the Employment Provident Fund, which reveals that more than one and a half crore new employees have subscribed to the Employees’ Provident Fund (EPF) between September 2017 and September 2018.
This is no doubt heartening news at a time when the youth of the country appear to be complaining about the lack of employment opportunities.
The other high job-creating states include Maharashtra and Tamil Nadu, with the former accounting for 25 per cent of new Employees’ State Insurance Corporation (ESIC) subscribers, followed by Karnataka and Tamil Nadu, with almost 45 per cent of the new payrolls.
Interestingly, approximately 82 per cent of the new subscribers were less than 35 years old!
The best performances were witnessed in expert services, building & construction, engineers and contractors who made up 72 per cent of the net new subscribers. The number of subscribers to these schemes is a reliable measure of the level of employment in the formal sector.
However, the only drawback is that the EPF and ESIC numbers are affected by the many subscribers who end up exiting these payrolls during the data compilation period.