Job creation across EPFO and ESIC on rebound after momentary dip in October

Job creation across EPFO and ESIC on rebound after momentary dip in October

Formal job creation in India rebounded in November across the Employees’ Provident Fund Organisation and the Employees’ State Insurance Corporation after registering a dip in October but was nearly the same under the National Pension Scheme when compared to the previous month, the government data shows.

As per the provisional payroll data released by the ministry of statistics and programme implementation on Wednesday, net new subscriber addition under EPFO was 25.6% higher at 1.62 million in November compared to 1.29 million in October.

The new addition under ESIC in November was higher by 19.6% at 1.42 million as against 1.19 million in October 2022. The net subscriber addition under NPS, however, remained static at 60,571 compared to 60,662 in October.

Year-on-year comparison also shows an increase in formal jobs created in November compared to November 2021. Formal jobs created under the Employees’ Provident Fund Organisation in November 2022 were 16.5% higher compared to 1.39 million jobs added in the same month in the preceding fiscal.

Net new subscriber addition under ESIC in November last year was 38.8% more than 1.02 million new subscribers added in last November 2021. The NPS, however, registered a year-on-year dip of 6.6% when compared to net new enrollments of 64,870 in November 2021.

Of the total net subscribers added in November 2022, about 0.89 million new members came under the ambit of EPF & MP Act, 1952 for the first time while 1.12 million net subscribers exited but rejoined the EPFO by transferring their accumulations from previous PF account to the current PF account, instead of claiming for final withdrawal.

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The report further shows that 1.14 million male subscribers were added to ESIC while 0.28 million female subscribers were added to ESIC in November.

Under NPS, the highest number of subscribers added in November 2022 was at the state government level at 38,533 followed by the corporate sector at 15,120 while the least number of subscribers were added by the central government at 6918.

The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees’ Provident Fund Organisation (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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Author: Shirley