Baljeet jaiswal | Nov 25, 2021 |
Between September 2017 and September 2021, around 4.71 lakh crore new subscribers joined the EPF (Employees’ Provident Funds) scheme, according to government data released on Thursday, providing insight into formal sector employment in India.
According to the latest data, 5.70 crore new subscribers joined the Employees’ State Insurance Corporation‘s (ESIC)-run social security plan between September 2017 and September 2021, according to a report released by the National Statistical Office (NSO).
The data added that 29.54 lakh new subscribers joined and contributed in the NPS (National Pension System) central government, state governments and corporate schemes during September 2017-September 2021.
In August of this year, approximately 13.42 lakh new members joined the ESI scheme, compared to 13.40 lakh in July of 2021.
According to the most recent data, gross new enrolments with ESIC were:
10.76 lakh in April, 8.90 lakh in May, 10.65 lakh in June, 13.40 lakh in July, 13.42 lakh in Aug and 13.37 lakh in Sep 2021 of this year.
After governments eased COVID-induced limitations following the second wave of the epidemic, which reached the country in mid-April this year, enrolments increased in June and July.
The NSO report showed that gross enrolments of new subscribers with ESIC were 11505302 in 2020-21 compared to 15145261 in 2019-20 and 14965972 in 2018-19.
Around 8335929 new subscribers joined the ESIC scheme between September 2017 and March 2018.
The report said gross new enrolments with ESIC from September 2017 to August 2021 were 5.56 crore. Complete Enrolments year wise is Given in below table:
Since April 2018, it has began publishing statistics from these bodies, covering the period beginning in September 2017.The NSO report is based on payroll data from new subscribers to ESIC, the Employees’ Provident Fund Organisation (EPFO), and the Pension Fund Regulatory and Development Authority’s various social security schemes (PFRDA).
According to the report, net new enrolments with retirement fund body EPFO stood at 14.80 lakh in August, up from 13.15 lakh in July 2021.
It showed that from September 2017 to August 2021, around 4.61 crore (gross) new subscribers joined the Employees’ Provident Fund scheme.
According to the paper, titled ‘Payroll Reporting in India: An Employment Perspective – August 2021,’ there are components of overlap and the estimates are not additive because the number of subscribers comes from several sources.
The study also presents differing perspectives on the levels of employment in the formal sector, according to the NSO, and does not measure employment holistically.
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