India jobs: Formal job creation in India remains buoyant in July

Formal job creation in India continued to remain buoyant for the fourth month in a row with July registering the highest number of net new subscriber additions across the Employees’ Provident Fund Organization, the Employees’ State Insurance Corporation and the National Pension Scheme.

The provisional payroll data by the ministry of statistics and program implementation, released on Friday, shows net new subscriber addition under the EPFO ​​grew by 13% to 1.82 million in July 2022 compared to 1.61 million in June.

ESIC registered a growth of 0.59% in July at 1.57 million compared to 1.56 million in June while the NPS registered a growth of 12.9% at 66,014 new subscribers as against 58,425 subscribers added in June this year.

Year-on-year comparison shows a significant increase in formal jobs created this year compared to July 2021, the period of the second wave of the pandemic. Formal jobs created under the Employees’ Provident Fund Organization in July this year was 24.5% more when compared to 1.46 million added in July 2021.

Net new subscriber addition under ESIC in July this year is 19.1% more than 1.32 million new subscribers added in last July while NPS registered an increase of 31.7% as against 50,118 new enrollments in July 2021.

Out of the total 1.82 million net subscribers added during the month, around 1.05 million new members have been enrolled under the social security cover of EPF & MP Act, 1952 for the first time, it said.

Approximately 1.17 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.

As per the report, 1.26 million male subscribers were added to ESIC while 0.30 million female subscribers were added to ESIC in July.

Under NPS, the highest number of subscribers added in July was at the state government level at 28,660 followed by addition under the corporate sector at 27,569 and the least were added by the central government at 9,785.

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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