New Delhi, March 25 -- The economy added 823,000 formal-sector jobs in January this year, going by the number of first-time provident-fund subscribers, while on a net basis, 1.78 million people got employment, a jump of 11.6% from a year back, in firms covered by the Employees' Provident Fund Organisation (EPFO), the state-backed retirement income manager, data from the labour ministry shows.
The monthly payroll data derived from EPFO tracks the number of employees with a provident fund account, which is primarily an indicator of formalisation of jobs.
According to economists, EPFO payroll data are not considered as a comprehensive gauge of employment creation, but they do offer insights into the quality of jobs. The higher figure of 1.79...