Around 38.50 million new subscribers joined the EPF scheme during September 2017 to November 2020, with around 45 million subscribing to the ESI scheme and over 2 million contributing towards national pension scheme, shows NSO data
The National Statistical Office (NSO), a governmental agency under the Ministry of Statistics and Programme, on Monday released payroll report for the formal sector from September 2017 to November 2020, based on the records available with selected government agencies. As per the report, around 38.50 million new subscribers joined the Employees’ Provident Fund (EPF) scheme during the period under review, with around 45 million subscribing to the Employees’ State Insurance (ESI) scheme and over 2 million contributing towards National Pension Scheme (NPS) of the central and state governments and corporate schemes. The data indicates that formal job creation has gained steam, albeit at a slower pace, after businesses resumed operations following the lifting of coronavirus lockdown restrictions. The job creation, however, remained below pre-COVID levels.
Source: Business Today
