Nearly 5 crore new subscribers joined Employees’ Provident Fund (EPF) scheme between September 2017 and October 2021, the federal government knowledge confirmed on Friday.
According to knowledge launched by the National Statistical Office, 4,79,72,153 new subscribers joined the EPF scheme during September 2017 – October 2021.
During the identical interval, 5,82,56,595 new subscribers joined Employees’ State Insurance (ESI) scheme and 30,23,250 new subscribers joined and contributed within the National Pension (*48*) (NPS), as per the ‘Payroll Reporting in India: An Employment Perspective – October, 2021’ report.
These figures give perspective on the degrees of employment within the formal sector.
EPF is a compulsory financial savings scheme below the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is managed below the aegis of Employees’ Provident Fund Organization (EPFO). It covers each institution wherein 20 or extra individuals are employed.
The variety of members subscribing to the EPF scheme provides an concept of the extent of employment within the formal sector.
ESI (*48*) is an built-in social safety scheme tailor-made to supply socio-economic safety to the employees within the organised sector and their dependents, in contingencies, corresponding to illness, maternity and loss of life or disablement resulting from an employment damage or occupational hazard.
The ESI scheme is ruled by the Employees’ State Insurance Act, 1948. It is relevant to non-seasonal, manufacturing institutions (aside from a mine topic to the operation of the Mines Act, 1952 (35 of 1952), or a railway operating shed) using 10 or extra employees. For well being and medical establishments, the brink restrict is 20 or extra employees.
The wage ceiling is Rs.21,000 per thirty days. Subscribers are termed as Insured Persons (IP) and a new IP quantity can even come up resulting from a change in employment.
The variety of subscribers of the ESI scheme additionally provides an concept of the extent of employment within the formal sector.
“Data is sourced from Employees’ State Insurance Corporation (ESIC) and the knowledge could have a component of duplication with EPF knowledge and is thus not additive,” the report famous.
The National Pension (*48*) (NPS) is an simply accessible, low-cost, tax-efficient, versatile and transportable retirement account. Under the NPS schemes for the Government sector, the person contributes to his retirement account and likewise his/her employer co-contributes for the social safety/welfare of the person. The NPS scheme is regulated by Pension Fund Regulatory and Development Authority (PFRDA).
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