Formal jobs creation higher in August: MOSPI

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In August, formal job creation accelerated, with 1.48 million official jobs generated under the Employees’ Provident Fund Organisation, up from 1.31 million in July, with a 12.9% increase. When compared to August 2020, when it stood at one million, the year-on-year increase in net new subscribers under EPFO was 48%.

The Ministry of Statistics and Programme Implementation released payroll data showing 1.32 million new subscribers added to the Employees State Insurance Corporation, down from 1.33 million in July, and 56,827 new subscribers added to the National Pension Scheme, up from 50,118 in July 2021.

According to the data, out of the total 1.46 million net subscribers enrolled to EPFO, about 0.90 million were new members who joined EPFO for the first time, while 0.93 million net subscribers left and rejoined EPFO by changing positions within the retirement fund body’s covered enterprises.

Around 0.91 million new members joined EPFO for the first time, while 0.56 million net subscribers left EPFO but returned by changing jobs within the establishments covered by the EPF & MP Act, 1952.

1.09 million men and 0.22 million women were among the 1.32 million new ESIC subscribers. State governments added the most NPS subscribers in July, with 35,017, followed by the federal government with 11,739, and the corporate sector with 10,071.