As per SBI Research analysis of EPFO payroll data, it reads, net job creation in the economy fell by 16.9 lakh in FY21 over the previous fiscal, However, the FY21 numbers are better than the FY20 net job creation, which had declined by 28.9 lakh, further cementing the view that the economy is not creating new employment opportunities.

The latest EPFO data shows that net new EPF subscribers stood at 94.5 lakh in FY21, and NPS added 5.82 lakh, taking the cumulative net addition to 100.4 lakh, which is marginally down from 102.3 lakh in FY20. However, according to Soumya Kanti Ghosh, SBI's group chief economic adviser, "this does not represent the correct picture as the data include the number of exited members who re-joined and re-subscribed, and thus not fresh job creation."

"An estimate of the actual net new payroll (first job) adjusted for rejoined/re-subscribed members and formalization (based on ECR data), shows the actual net new payroll is only 44 lakh is FY21, which is 16.9 lakh less than the net new payroll generated in FY20, when the new payroll declined by almost 28.9 lakh," he said. Ghosh also said most of the 44 lakh additions are low quality jobs.

Crisil Report: Inflation back on elevated input prices, rural economy disruption

Flipkart gave jobs to 23000 people during the Corona period, recruitment done in last 3 months

Agriculture Jobs that Pay Well