According to the data released by the National Statistical Office (NSO) on Monday, there is a good expansion in the employment sector in the country. According to this, more than 5.18 crore new members have joined the Employees' Provident Fund (EPF) scheme between September 2017 and February 2022.
Decrease in February this year
According to the data presented by the NSO, the number of new members joining the scheme was less in February this year. In February, 9.34 lakh new members joined it. This is less than the number of 11.19 lakh members who became members of EPFO in the previous month i.e. January 2022. Notably, NSO presents data of employees working on the country's payroll every month, which provides a formal perspective on the country.
The decline in the number of ESE members
In addition to the EFP scheme data, the NSO also shares the Employees' State Insurance Corporation and National Pension Scheme members' data in the monthly data. According to the latest report, during the period September 2017 to February 2022, 6.34 crore new customers joined the Employees' State Insurance Corporation scheme. At the same time, the number of ESI members declined to 12.56 lakh in February 2022 as compared to 12.99 lakh in January.
32.90 lakh members associated with NPS
32.90 lakh new subscribers joined the National Pension Scheme during this period. Explain that ESI applies to establishments having more than 10 workers. Whereas, EPF applies to establishments having more than 20 employees. NPS applies to any citizen of India, whether resident or non-resident, persons who are between 18 to 70 years of age as of the date of submission of their application.
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