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Good news for job seekers: India likely to add 7 million jobs by March 31

The report, Towards a Payroll Reporting in India, is based on account of organised sector employment data.

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In what could be termed as one of the huge news for job seekers in country, a report titled, Towards a Payroll Reporting in India, claimed that India will add around seven million jobs in the fiscal year 2017-18. 

The report prepared by Professor Pulak Ghosh of IIM, Bangalore, and Group Chief Economic Adviser of State Bank of India, Dr Soumya Kanti Ghosh, claimed that by the end of current fiscal, i.e March 31, the country will add seven million jobs. 

The report, Towards a Payroll Reporting in India, is based on account of organised sector employment data. The report includes inputs from the Employees’ Provident Fund Organisation (EPFO), the Employees’ State Insurance Corporation (ESIC), and National Pension System (NPS) enrollment numbers up to the end of November 2017.

According to the Indian Expres, the report includes data from various employee funds organisations that date only to November 2017, hence in order to be conservative on estimates, and to avoid any anomaly, researchers have excluded the zero-contribution accounts and considered new workers in the age group 18-25. 

The report said, "Based on all estimates, payroll of 5.9 lakh, that is 7 million annual was generated every month in India in current fiscal." 

According to the study, the total stock of payroll for the major organised sector segments (EPFO, ESIC, GPF and NPS) was 9.19 crore in March 2017. And if zero contribution accounts too, are included, the organised sector workforce numbers would rise to 10 crore, the report mentioned. 

Meanwhile, anothergood news came from job seekers for banking sector, country's largest public lender, State bank of India will hire around 9500 employees in various department. SBI will be hiring junior assistants for its customer support and sales functions. 

This will be the bank's largest hiring since 2013. The bank's recruitment drive came at a time when the bank's employee headcount has gone down by over 10,000 during the current fiscal owing to attrition and a voluntary retirement scheme following the merger of associate banks with itself.

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