4.9 crore new subscribers joined EPF scheme during Sept 2017-Nov 2021

Nearly 4.9 crore new subscribers joined Employees' Provident Fund (EPF) scheme during September 2017 to November 2021 period, government data showed on Tuesday.

Nearly 4.9 crore new subscribers joined the Employees' Provident Fund (EPF) scheme during September 2017 to November 2021 period, government data showed on Tuesday. According to the 'Payroll Reporting in India - A Formal Employment Perspective' report released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, 8,27,979 new subscribers joined the EFP scheme during the month of November 2021 as against 8,05,015 new subscribers in the previous month.

The total new subscribers of the EPF scheme from September 2017 to November 2021 period stands at 4,88,91,927. EPF is a mandatory savings scheme under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. It is managed under the aegis of the Employees' Provident Fund Organisation (EPFO). It covers every establishment in which 20 or more persons are employed.

During September 2017 to November 2021 period, 5,93,07,326 new subscribers joined the Employees' State Insurance Scheme (ESI) scheme. During the same period, 30,88,120 new subscribers joined and contributed to the National Pension Scheme (NPS). This includes Central Government, State Governments, and Corporate schemes.

"The present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level," the Ministry of Statistics and Programme Implementation said in a statement. The ESI scheme functions under The Employees' State Insurance Act, 1948. It is applicable to non-seasonal, manufacturing establishments (other than a mine subject to the operation of the Mines Act, 1952 (35 of 1952), or a railway running shed) employing 10 or more workers.

The NPS is designed on a Defined contribution basis wherein the subscriber contributes to his account, and the accumulated wealth depends on the contributions made and the income generated from the investment of such wealth.