Around 4.71 lakh crore new subscribers joined the EPF (Employees' Provident Funds) scheme between September 2017 to September 2021, official data showed on Thursday, giving a perspective on formal sector employment in India.
The latest data, which is part of a report released by the National Statistical Office (NSO), further stated that 5.70 crore new subscribers joined the Employees' State Insurance Corporation (ESIC)-run social security scheme between September 2017-September 2021.
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.
Meanwhile, around 13.22 lakh new members joined the ESI scheme in August this year as against 13.33 lakh in July 2021.
Gross new enrolments with ESIC were 10.74 lakh in April, 8.88 lakh in May, 10.62 lakh in June and 13.33 lakh in July this year, the latest data showed.
June and July figures show an increase in enrolments after the easing of COVID-induced restrictions by states post the second wave of the pandemic that hit the country in mid-April this year.
The NSO report showed that gross enrolments of new subscribers with ESIC were 1.15 crore in 2020-21 compared to 1.51 crore in 2019-20 and 1.49 crore in 2018-19.
From September 2017 to March 2018, around 83.35 lakh new subscribers joined the ESIC scheme.
The report said gross new enrolments with ESIC from September 2017 to August 2021 were 5.56 crore.
The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees' Provident Fund Organisation (EPFO) and the Pension Fund Regulatory and Development Authority (PFRDA).
It has been releasing such data of these bodies since April 2018, covering the period starting from September 2017.
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.
The report, titled 'Payroll Reporting in India: An Employment Perspective - August 2021', said since the number of subscribers is from various sources, there are elements of overlap and the estimates are not additive.
NSO also said the report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level.
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