MoSPI data for July: EPFO adds 10.5L subscribers; 38,206 new members for NPS

The MoSPI also detailed data for the subscribers who have restarted contributing under EPFO.

By: ENS Economic Bureau | New Delhi | Published: September 26, 2018 2:51:33 am
Provident Fund, Employees Provident Fund, EPFO, National Pension Scheme, NPS, Indian express As per the data, 2.93 lakh ceased to subscribe during July, while 1.94 subscribers restarted contributing during the month.

The Employees’ Provident Fund Organisation (EPFO) added 10.5 lakh new subscribers in July this year, while 38,206 new members were added under National Pension Scheme (NPS) during July. The Employees’ State Insurance Scheme (ESIC) added 13.97 lakh subscribers during July, according to data released by Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.

The MoSPI also detailed data for the subscribers who have restarted contributing under EPFO. As per the data, 2.93 lakh ceased to subscribe during July, while 1.94 subscribers restarted contributing during the month. Cumulatively, for September-July, 1.2 crore new subscribers were added under EPFO, 72.95 lakh ceased subscribing during the period and 14.84 lakh members restarted contributing under EPFO. The EPFO is now also counting subscribers who restarted contributing compared with measuring the net difference between enrollment and exit numbers earlier.

According to a note by State Bank of India’s chief economic adviser Soumya Kanti Ghosh, net payroll generated during September 2017-July 2018 is around 61.8 lakh. “Net of existing payroll, 36.7 lakh is the count for new payroll generated during September 2017 to July 2018 (total 11 months). Ideally, the number of people who have taken up new jobs after quitting existing one at 14.84 lakh should also be counted as new payroll. If this is the case, the annualised new payroll is coming at 56.2 lakh,” Ghosh said.

For September 2017-July 2018, about 6.48 lakh new subscribers were added under NPS during the same period, the data showed. About 1.34 crore employees registered under the Employees’ State Insurance Scheme (ESIC) during September-July.

Age-wise breakup of the EPFO data showed that the highest addition in July was seen in the age group of 18-21 years with 2.79 lakh subscribers. In NPS, the highest contribution to the number of new subscribers was in the above 35 years category, comprising 34.2 per cent of the new subscribers.

The ministry said that the numbers are dynamic and may overlap. “The levels of employment are from various sources, there are elements of overlap and the estimates are not additive,” it said. It further said that the report gives “different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level”.

For all the latest Business News, download Indian Express App

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement