epfo: New EPFO ​​subscribers grew 41.6% to 1.7 million in April, 2022

Formal job creation registered a significant increase in April this year across the Employees ‘Provident Fund Organization, the Employees’ State Insurance Corporation and the National Pension Scheme as April 2021 was the peak month of the second wave of the pandemic that impacted hiring last year.

The provisional payroll data by the ministry of statistics and program implementation, released on Friday, shows net new subscriber addition under the EPFO ​​grew 41.6% to 1.7 million in April 2022 compared to 1.2 million in April last year.

Net new subscribers under Employees State Insurance Corporation in April were 21.1% more at 1.2 million compared to 1.04 million in the same period last year while the new additions under the National Pension Scheme was 15.6% higher at 64,569 compared to 55,844 in April 2021.

Out of the total 1.7 million net subscribers added during the month under EPFO, around 0.92 million new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time, it said.

Approximately 1.16 million net subscribers exited but re-joined EPFO ​​by transferring their accumulations from previous PF account to the current PF account, instead of claiming for final withdrawal while 0.37 million ceased to exit the members of EPFO.

According to the report, 1.02 million male subscribers were added to ESIC while 0.24 female subscribers were added to ESIC.

Under NPS, the highest subscriber addition in April was at the state government level at 29,107 followed by addition under the corporate sector at 23,306 and at least by the central government at 12,156.

The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees’ Provident Fund Organization (EPFO) and Pension Fund Regulatory and Development Authority (PFRDA). It has been releasing such data of these bodies since April 2018, covering the period starting from September 2017.

The report said since the number of subscribers is from various sources, there are elements of overlap and the estimates are not additive.

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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