Nearly 9.3 lakh new members joined the ESIC-run social security scheme while nearly 6.7 lakh new subscribers joined the EPF scheme in August 2020. The number of new members in both schemes has significantly surged over the previous month. In July, nearly 7.5 lakh new members joined ESIC while around 6.5 lakh new subscribers joined the EPF scheme, according to the Ministry of Statistics & Programme Implementation. Taking together the new entrants and those who exited but returned, the net addition in EPF subscribers was nearly 10 lakh in August, after factoring out those who left.
It is to be noted that the existing wage limit for coverage under the ESI scheme is Rs 21,000 per month and Rs 25,000 per month in the case of persons with disability. Also, the scheme is applicable to organisations employing 10 or more employees. On the other hand, the EPF scheme is a mandatory savings scheme that covers every establishment in which 20 or more persons are employed.
Source: Financial Express
