epfo: India’s formal job creation slows in August: MoSPI

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Formal job creation in India slowed in August after remaining buoyant over the past four months across the Employees Provident Fund, Employees National Insurance Corporation and National Pension Scheme.

Provisional payroll data released by the Ministry of Statistics and Scheme Implementation on Tuesday shows net new subscribers under EPFO ​​fell 7.1% in August to 1.69 million from 1 .82 million in July, 1.83 million in June, 1.68 million in May and 1.53 million. in April.

The ESIC also recorded an 8% decline in net subscriber additions in August to 1.46 million from 1.58 million in July, 1.56 million in June, 1.51 million in May and 1, 28 million in April.

Even the NPS saw a marginal decline of 0.71% to 65,543 from 66,014 in July, 58,425 in June, 60,926 in May and 64,569 in April.

The year-on-year comparison, however, shows an increase in formal jobs created this year compared to August 2021, which was the period of the easing of the second wave of the pandemic. Formal jobs created under the Employees Provident Fund in August this year increased by 14.4% from the 1.48 million added in August 2021.

The net addition of new subscribers under ESIC in August this year is 10.5% more than the 1.32 million new subscribers added last August, while the NPS recorded an increase of 16.3% from 56 827 new registrations in August 2021.

Of the total 1.69 million net subscribers added during the month, approximately 0.98 million new members were registered for the first time under the social security coverage of the EPF & MP Act, 1952, a he indicated.

About 0.71 million net subscribers exited but rejoined EPFO ​​by transferring their accumulations from the previous PF account to the current PF account, instead of requesting the final withdrawal.

According to the report, 1.18 million male subscribers were added to the ESIC while 0.28 million female subscribers were added to the ESIC in August.

Under NPS, the most subscribers added in August were at the state government level at 40,902, followed by the corporate sector at 15,502 and the least added by the central government at 9,139.

The ONS report is based on pay data for new entrants to various social security schemes run by the ESIC, the Employees Provident Fund Organization (EPFO) and the Fund Development and Regulation Authority of pension (PFRDA). It has published this data on these organisms since April 2018, covering the period starting in September 2017.

The report indicates that since the number of subscribers comes from various sources, there are elements of overlap and the estimates are not additive.

NSO also said the report gives different perspectives on employment levels in the formal sector and does not measure employment at a holistic level.

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