Around 67.59 jobs were generated in the entire 2018-19 fiscal, the payroll data based on members joining the schemes of the EPFO showed.
'The top 10 industries encompass 84% of the total new payrolls, indicating that industry is coming on steam after the initial hiccups following GST,' say Soumya Kanti Ghosh and Pulak Ghosh.
At present, the EPFO is mandated to invest 20-45 per cent of its incremental funds - of around Rs 1.5 trillion - in debt-related instruments.
Last week, the Ministry of Labour and Employment suspended the second in command in EPFO's Hyderabad office.
Unique Identification Authority of India said the alleged data breach took place on a website that does not belong to it.
The Labour Ministry has relaxed investment norms for retirement fund manager EPFO, but refrained from allowing the body to invest a part of its huge corpus of around Rs 5 lakh crore in equity markets.
'The government should come back as a job creator as it did in the 1960s and the 1970s.'
Besides managing retirement funds, EPFO may come out with a scheme to provide housing to its over 5 crore (50 million) subscribers on additional contribution of 10 per cent by them from their basic wages every month.
The labour ministry has notified the more flexible investment pattern of 2008 for the Employees Provident Fund Organisation (EPFO), but minus its provision for investment in equity.
The EPFO is now developing a software that will help show retirement savings in cash and ETFs components separately. At present the account only shows the savings as gross cash component.
An advisory body of EPFO has rejected a proposal to engage private banks -- ICICI, Axis and HDFC Bank -- for collection of PF contribution from employers.
The 15% invested every month in equity would be allotted to subscribers in the form of units.
A part of Rs 6.5 lakh cr corpus may be used to set up Workers' Bank.
Labour Ministry has justified EPFO's declaring 9.5 per cent interest for 2010-11.
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
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The Finance Ministry has been pitching for EPFO funds to be invested in the equity markets to maximise their yields.
Under the proposed scheme, there will be tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment.
The Finance Audit and Investment committee recommended 8.95% interest.
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The EPFO started investing in ETFs in August last year after the CBT in March cleared proposal to invest in equity markets.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
EPFO is managing a corpus of Rs 6.5 lakh crore.
The payroll data has been revised downwards for each of the nine months between September 2017 and May this year
Furnishing of Aadhaar is still mandatory for final settlement of pension
The addition in January was 131 per cent higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month.
The Finance Ministry has given its consent to the EPFO to invest from 5 per cent to 15 per cent of the investable income of the organisation every year.
Retirement fund body EPFO is planning to settle all claims like transfer and withdrawal of provident fund within three days, a move that will benefit over one crore such claimants every year.
Experts say it's better to transfer the amount to one's current EPFO account than opting for a withdrawal.
Retirement fund body EPFO's apex decision making body Central Board of Trustees (CBT) is likely to decide rate of interest on PF deposits for 2012-13 in its meeting scheduled on January 15.
EPFO had started investing ETFs in August last year.
EPFO manages a corpus of about Rs 257,000 crore with subscribers' base of over 4.5 crore.
The order also provides that the field office will incur expenditure on the facilitation function under the head of publicity.
The retirement fund body plans to launch 'One Employee One EPF Account' system on May 1.
Retirement fund body EPFO has extended the deadline for filing applications to opt for a higher pension till July 11. This is the second extension of the deadline for applying for a higher pension. Earlier, it was extended from May 3, 2023, to June 26, 2023.
'A subscriber will know exactly how much of his money is in debt and how much in equity.'
It wants PF to be calculated on all other allowances made by employer under sundry heads.
The government on Wednesday cautioned officers of retirement fund body EPFO against any delay in settlement of claims and updation of account, saying their performances would be closely "watched".
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