Formal jobs slip in August; EPF additions down 15%
social security schemes recording a fall in new subscribers, data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday showed.
New subscriptions to the Employees Provident Fund (EPF) scheme and the National Pension Scheme (NPS) hit their lowest since the start of the fiscal year, according to MoSPI report, 'Payroll Reporting in India: An Employment Perspective — August 2024'.
The number of new EPF subscriptions fell 15% month on month to about 930,000 in August while new subscriptions to Employees State Insurance Corporation (ESIC) dropped by 11% to 1.5 million and those to NPS declined 13% to 54,869.
The decline in new subscriptions was more significant among women than men.
Within the EPF scheme, new subscriptions for women fell by 20.3%, compared to a 13.4% decline for men between July and August.
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