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    Jobs are back in formal economy

    Synopsis

    Cumulatively, 2,642,549 employees were added in November under the three social security schemes of the govt as per the payroll data released by the ministry of statistics and programme implementation. While 1,162,863 net additions were in EPFO, 1433,000 people were added under the Employees’ State Insurance Scheme and 46,686 were added under the National Pension Scheme.

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    NEW DELHI: The statistics and programme implementation ministry on Friday said 6,238,061 new accounts were added under the Employees Provident Fund Organisation in the April-November period of 2019, with November accounting for the highest employee addition to the formal workforce at 1,162,863. This is higher than the cumulative net addition to EPFO in 2018-19 (6,112,223) and comes on the back of month-on-month decline in number of members who have ceased to be EPFO subscribers.

    As per the report, 316,739 people (lowest in the financial year so far) ceased to be EPFO subscribers in November compared with 1,114,758 employees who had ceased to be its member in April 2019.

    Cumulatively, 2,642,549 employees were added in November under the three social security schemes of the government as per the payroll data released by the ministry of statistics and programme implementation. While 1,162,863 net additions were in EPFO, 1433,000 people were added under the Employees’ State Insurance Scheme and 46,686 were added under the National Pension Scheme, the ministry said in the payroll data released for November.

    “The present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level,” it said.

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    Net-additions


    Ever since the compilation of data, 30.3 million new subscribers joined the EPF scheme during the period September 2017 to November 2019, while 33.7 million joined the ESI scheme and 1.67 million people joined NPS.

    Since April 2018, the ministry has been bringing out employment-related statistics in the formal sector from the period beginning September 2017, using information on the number of subscribers who have subscribed under the three social security schemes.

    While EPF is applicable to establishments having more than 20 workers, ESI is applicable to establishments with more than 10 workers and NPS is applicable to any citizen of India, whether resident or non-resident, individuals aged 18 to 60 years.

    2 Comments on this Story

    job chanakya404 days ago
    thank you to give me this information I find it in many sites but still i am satisfied
    Govt Jobs 2020
    Sanujit Roy406 days ago
    what type of news is this when mass hiring seen across startup and other sectors
    The Economic Times