5.18 Crore New Subscribers Linked to EPF Scheme Between September 2017 and February 2022

5.18 Crore New Subscribers Linked to EPF Scheme Between September 2017 and February 2022

More than 5.18 crore new subscribers have joined the Employees' Provident Fund (EPF) scheme between September 2017 and February 2022, according to data from the National Statistical Office (NSO). This gives a perspective of formal employment generation in the country. As per the data, 9.34 lakh new subscribers joined the EPF scheme during February 2022, down from 11.19 lakh in the previous month (January).

The National Statistical Office (NSO) under the Ministry of Statistics and Program Implementation releases monthly data on payrolls in India. The data is intended to give a formal employment perspective. Apart from EFP scheme data, monthly data also includes subscriber trends of Employees' State Insurance Corporation and National Pension Scheme.

During the period September 2017 to February 2022, 6.34 crore new subscribers have joined the Employees' State Insurance Corporation Scheme. The number of ESI subscribers during February 2022 declined from 12.99 lakhs in the previous month (January) to 12.56 lakhs. Notably, ESI is applicable to companies with more than 10 workers. Whereas, EPF is applicable to companies with more than 20 employees.

Under the National Pension Scheme, 32.90 lakh new subscribers were added from September 2017 to February 2022 and contributed to NPS Central Government, State Governments and Corporate Schemes. NPS is applicable to any citizen of India who is between 18 to 70 years of age as on the date of submission of their application, whether resident or non-resident.

Since April 2018, the Ministry of Statistics and Program Implementation has been releasing data related to employment in the formal sector covering the period after September 2017 with three major schemes- Employees' Provident Fund (EPF) scheme, Employees' State Insurance (ESI) The information about the number of subscribers under the scheme and the National Pension Scheme (NPS) is used.