EPF is applicable to establishments having more than 20 workers
The Employee Provident Fund Organisation (EPFO) added 10.7 million new members from September 2017 to June 2018, data from the Central Statistics Office (CSO) said. According to the CSO data, about 1.05 million new EPF subscribers were added in June 2018.
In the same period, 6 million users ceased subscribing to EPF. The EPF is applicable to establishments having more than 20 workers.
The Ministry of Statistics and Programme Implementation (MOSPI) brought out the first release of employment-related statistics in the formal sector in April 2018, covering the period from September 2017 to February 2018, using information on the number of subscribers who have availed benefits under three major schemes, including EPFO, Employees’ State Insurance Scheme (ESIC) and the National Pension Scheme (NPS).
related news
The estimated total number of new NPS subscribers from September 2017 to June 2018 is 6,10,573. In June 2018, 1.3 million employees registered for ESIC while 27.1 million were existing employees paying ESIC contribution for the month.
“The present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level,” said MOSPI in a press statement.
On Monday, EPFO had reduced its earlier estimate of the number of new members (net) for September 2017 to May 2018 by 12.4 percent. The number of people enrolled with EPFO was revised to 3.92 million from the earlier estimate of 4.47 million. This payroll data refers to the difference between number of people who enrolled as EPF subscribers versus those who exited the system.
The next report is due for release on September 25.
India does not have a comprehensive jobs data and the quarterly employment outlook survey has also been discontinued for the time-being.