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EPFO adds over 7.2 m accounts in 9 months

The number of accounts added by the government-managed pension fund during April-December 2019 was higher compared with the 6,112,223 accounts added in the entire fiscal 2018-19. However, the number of new employees added in December fell marginally to 1,008,600 from 1,162,863 in November.

ET Bureau|
Last Updated: Feb 26, 2020, 07.16 AM IST
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New Delhi: The Employees Provident Fund Organisation added 7,246,661 new accounts in the first nine months of the ongoing fiscal year, the statistics and programme implementation ministry said Tuesday.

The number of accounts added by the government-managed pension fund during April-December 2019 was higher compared with the 6,112,223 accounts added in the entire fiscal 2018-19. However, the number of new employees added in December fell marginally to 1,008,600 from 1,162,863 in November.

The growth in EPFO accounts comes on the back of month-on-month decline in the number of people who have ceased to be EPFO subscribers.

As per the report, 360,702 people (the lowest in the financial year so far) ceased to be EPFO subscribers in December, compared with 1,114,758 in April 2019.

Cumulatively, 2,334,068 employees were added in December under the three social security schemes of the government as per the payroll data released by the ministry. While 1,008,600 net additions were in EPFO, 1,267,411 people were added under the Employees’ State Insurance Scheme and 56,057 under the National Pension Scheme.

“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.

Since the ministry started compiling the data in September 2017, as many as 31,209,293 new subscribers joined the EPF scheme till December 2019. Also, 35,047,974 subscribers joined the ESI scheme and 1,728,870 joined NPS.

Since April 2018, the ministry has been reporting employmentrelated statistics in the formal sector from the period beginning September 2017, using information on the number of people who have subscribed to the three social security schemes.

While EPF is applicable to establishments having more than 20 workers, ESI is applicable to those with over 10 workers. Any citizen of India aged 18 to 60 years can join the NPS programme.

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