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Read more about Economic Survey 2018: Formal jobs far more than current official estimates on Business Standard. Ther are 220 million employees in the economy, out of which 75 million workers enjoying social security benefits\n

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economic survey 2018 formal jobs far more

Economic Survey 2018: Formal jobs far more

than current official estimates

Ther are 220 million employees in the economy, out of which 75 million

workers enjoying social security benefits

Formal jobs are much more than what the current official estimates, the Economic

Survey 2018 released on Monday said.

The Survey, analysing the data from goods and services tax (GST) and newly available

digitised government data, said there were a total of 220 million (22 crore) employees in

the economy, out of which 75 million (7.5 crore) workers enjoying social security

benefits at present.

The Survey defined formal employment in two parts — First, those receiving social

security benefits from Employees’ State Insurance Corporation and Employees’

Provident Fund Organisation. Second, those receiving it from firms under the GST

regime.

from a social security perspective formal

“From a social security perspective, formal employment amounts to 60 million (6

crore), to which we must add an estimated 15 million (1.5 crore) of government workers

(excluding defence), for a total of 75 million (7.5 crore),” the survey said.

From a tax perspective, formal employment is 112 million (11.2 crore) and government

employment yields a total count of 127 million (12.7 crore), it noted. “Notwithstanding

the caveats regarding the specific numbers, the broad conclusion is likely to be robust:

formal payrolls may be considerably greater than currently believed,” the survey said.

The Survey added that when formality was defined in terms of social security provisions

like EPFO or ESIC, the formal sector payroll was found to be about 31 per cent of the

non-agricultural workforce. When formality was defined in terms of being part of the

GST net, such formal sector payroll share stood at 53 per cent, it said.

“Even so, it is clear that providing India’s young and burgeoning labour force with good,

high-productivity jobs will remain a pressing medium-term challenge. An effective

response will encompass multiple levers and strategies, and above all, creating a climate

for rapid economic growth on the strength of the only two truly sustainable engines —

private investment and exports,” according to the Survey.