ESIC-run social security scheme adds over 15 lakh members in June
Provident Fund Organisation (EPFO) and Pension Fund Regulatory and Development Authority (PFRDA). According to the report, net new enrolments with retirement fund body EPFO stood at 12.65 lakh in June 2023.
It showed that from September 2017 to June 2023, around 5.50 crore (gross) new subscribers joined the Employees‘ Provident Fund scheme. According to the Employees’ Provident Funds and Miscellaneous Provisions Act, firms with more than 20 employees must provide workers with subscription to the retirement fund manager.
New subscribers to the EPFO can therefore be taken as proxy for job creation in the labour market. The report said since the number of subscribers is from various sources, there are elements of overlap, and the estimates are not additive.
“44,74,303 new subscribers joined and contributed in the NPS central government, state governments and corporate schemes during September, 2017 to June, 2023," the report said. 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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