Business News | Formal Job Creation: 5.18 Cr New Subscribers Join EPF Scheme from Sept 2017 to Feb 2022
Get latest articles and stories on Business at LatestLY. Over 5.18 crore new subscribers joined the Employees Provident Fund (EPF) scheme between September 2017 and February 2022, which gives a perspective on formal job creation in the country, the National Statistical Office (NSO) data showed on Monday.
New Delhi [India], April 25 (ANI): Over 5.18 crore new subscribers joined the Employees Provident Fund (EPF) scheme between September 2017 and February 2022, which gives a perspective on formal job creation in the country, the National Statistical Office (NSO) data showed on Monday.
As per the NSO data, 9.34 lakh new subscribers joined the EPF scheme during February 2022, which is less than 11.19 lakh joined in the previous month.
The National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation, releases monthly data on payroll reporting in India. The data is aimed to give a formal employment perspective.
Apart from the EFP scheme figures, the monthly data also include subscriber trends of Employees State Insurance Corporation and the National Pension Scheme.
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During September 2017 to February 2022 period, 6.34 crore new subscribers joined the Employees State Insurance Corporation scheme.
The number of ESI subscribers during February 2022 declined to 12.56 lakh from 12.99 lakh in the previous month. ESI is applicable to establishments having more than 10 workers. EPF is applicable to establishments having more than 20 workers.
Under the National Pension Scheme, 32.90 lakh new subscribers joined and contributed to the NPS Central Government, State Governments and Corporate schemes from September 2017 to February 2022.
NPS is applicable to any citizen of India, whether resident or non-resident, individuals who are aged between 18 - 70 years as on the date of submission of his/her application. This NPS data is exclusive of All Citizen Sector, NPS Lite schemes and Atal Pension Yojana.
The numbers of subscribers are from various sources and there are elements of overlap. Therefore, the estimates from various sources are not additive, the Ministry of Statistics and Programme Implementation said in a statement.
Since April 2018 the Ministry of Statistics & Programme Implementation has been bringing out the employment-related statistics in the formal sector covering the period September 2017 onwards, using the information on the number of subscribers who have subscribed under three major schemes, namely the Employees' Provident Fund (EPF) Scheme, the Employees' State Insurance (ESI) Scheme and the National Pension Scheme (NPS). (ANI)
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