New subscriptions to the Employees’ Provident Fund (EPF) scheme were down a percent in June from the previous month at 1.02 million.
Employees’ Provident Fund Organisation (EPFO) (Photo IANS)
Formal employment declined in June, as new subscriptions in the government’s three social sector schemes fell from the previous month, data released by the Ministry of Statistics & Programme Implementation (MoSPI) said.
New subscriptions to the Employees’ Provident Fund (EPF) scheme were down a percent in June from the previous month at 1.02 million.
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Subscriptions to the Employees’ State Insurance Scheme (ESIC), which caters to relatively low-paid employees, fell much more by 6.5 per cent to 1.62 million.
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The number of employees joining the National Pension Scheme (NPS) also declined to 64,799 in June from 79,080 in the previous month.
During the year 2023-24, the total number of new EPF subscribers was 1,09,93,119, the MoSPI data said.
The total number of new EPF subscribers during the month of June 2024 is 10,24,851 which was 10,31,982 during the month of May 2024, it added.
It comprised 74 per cent male and 26 per cent female subscribers during 2023-24 while 71 per cent male and 29 per cent female in the month of June.
In the Employees’ State Insurance Scheme, during the year 2023-24, the newly registered employees and paying contribution under ESI scheme was 1,67,60,872. For this period, 79 per cent subscribers were male while 21 per cent were female.
The newly registered employees and paying contribution under the ESI scheme during the month of June 2024 is 16,19,878 which was 17,33,128 during the month of May 2024. It comprised 78.2 per cent male and 21.8 per cent female.
Under the National Pension Scheme (NPS), the total number of new contributing subscribers under NPS was 9,73,428 during the year 2023-24. During this period, male subscribers were 67.7 per cent and female 32.3 per cent.
The total number of new contributing subscribers under NPS during the month of June 2024 is 64,799 which was 79,080 during the month of May 2024. In June, male subscribers were 69.3 per cent and female were 30.7 per cent.
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