The State Bank of India endorsed the central government's plan to release monthly payroll data for the six months to February 2018, as per the records of the Employees' Provident Fund Organisation (EPFO), the National Pension System (NPS) and the Employees' State Insurance Corporation (ESIC).

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The bank pushed for the data to be released monthly, along the lines of foreign economies, and added that the data would bridge gaps in policy making, which is currently reliant on private surveys that have a much smaller scope.

"Research has revealed that the Payroll data have the most profound impact of all high frequency economic reports and major policy implications," SBI said in a report.

Nonfarm payroll is a term used in the US to refer to any additional job during a month with the exception of farm work, unincorporated self-employment, and employment by private households, the military and intelligence agencies.

The total nonfarm payroll accounts for approximately 80% of the workers who produce the entire GDP of U.S.

A study by Ghosh & Ghosh, published in January 2018, advocated the need for a monthly payroll reporting system in India, and estimated that about 70 lakh jobs could be generated in 2018.

First Published:Apr 26, 2018 11:26 AM IST