The Employees Provident Fund Organisation, the Employees State Insurance Corporation, and the National Pension Scheme all acquired net new employees and subscribers in December 2021, indicating an increase in the Indian labor market. This is in contrast to November when the ESIC and NPS both fell.
According to payroll data issued on Friday by the ministry of statistics and program implementation, net new subscribers to the Employees State Insurance Corporation increased by 46.8% to 1.52 million from 1.03 million in November 2021. This is the largest contribution to ESIC so far this fiscal year.
Even the Employees Provident Fund Organization saw a 19.9% increase in net new subscribers added in December 2021, to 1.46 million, compared to November 2021, when net new subscribers added to EPFO was 1.21 million.
The National Pension Scheme likewise had an 11.8 percent increase in December 2021, with 72,578 new subscribers compared to 64,870 in November. This is the third biggest addition so far this fiscal year, with the highest being in June 2021 (78,265) and September 2021 (both 78,265). (72,923).
According to the data, 1.28 million male ESIC users were added, while 0.24 million female ESIC subscribers were added.
0.91 million new members were enrolled for the first time under the EPF & MP Act, 1952, out of the total 1.46 million net subscribers recruited in December 2021.
Approximately 0.54 million net subscribers left EPFO but returned by transferring their PF accumulations from previous to current PF accounts rather than opting for final withdrawal.
State government employees added the most subscribers to the NPS in December, with 48,497, followed by central government employees (12,534) and 11,547 from the non-government or corporate sector.
The NSO report is based on payroll data from new subscribers to ESIC, the Employees’ Provident Fund Organisation (EPFO), and the Pension Fund Regulatory and Development Authority’s various social security schemes (PFRDA). Since April 2018, it has begun publishing statistics from these bodies, covering the period beginning in September 2017.
According to the paper, titled ‘Payroll Reporting in India: An Employment Perspective – November 2021,’ there are components of overlap and the estimates are not additive because the number of subscribers comes from several sources.
The study also presents differing perspectives on the levels of employment in the formal sector, according to the NSO, and does not measure employment holistically.
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