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Formal Sector: Formal job creation remains uneven for second month in a row

Formal Sector: Formal job creation remains uneven for second month in a row

Formal job creation continued to be uneven for a second month in a row with the Employees Provident Fund Organization registering a marginal increase in net new subscribers in February while the net addition of subscribers under the Employees State Insurance Corporation and the National Pension Scheme fell month-on-month.
The provisional payroll data by the ministry of statistics and program implementation, released on Monday, shows net new subscriber addition under the EPFO grew 2.9% month-on-month to 1.41 million in February compared to 1.37 million added in January 2022.

Net new subscribers under Employees State Insurance Corporation, however, fell by 3.3% in February at 1.25 million as against 1.59 million added in the preceding month.

Subscription under the National Pension Scheme stood at 64,611, a marginal dip of 0.59% compared to 64,998 new subscribers added in January 2022.
As per the report, 1.01 million male subscribers were added to ESIC while 0.24 female subscribers were added to ESIC.

Of the total 1.41 million net subscribers added to EPFO ​​during the month, around 0.84 million new members have been registered under the social security ambit of EPF & MP Act, 1952 for the first time and approximately 0.93 million net subscribers exited but re-joined EPFO by continuing their membership with EPFO ​​instead of opting for final withdrawal.

Under NPShighest subscriber addition in February was from the corporate sector at 64,611 followed by addition under the state government at 40,644 followed by central government employees at 13,112.

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