Nation

India’s unemployment rate declines, 1.46 million net subscribers added to EPFO in August

India’s unemployment rate declined to 6.86 per cent in September 2021 from the monthly unemployment rate of 8.32 per cent in August 2021. Formal job creation further strengthened in August, with 1.48 million formal jobs created under the Employees’ Provident Fund Organization, compared to 1.31 million created in July, a growth of 12.9 per cent. The year-on-year jump in net new subscribers under EPFO ​​was 48 per cent as compared to August 2020.

1.32 million new subscribers added in August

The Ministry of Statistics and Programme Implementation payroll data shows 1.32 million new subscribers added under the Employees State Insurance Corporation, compared to 1.33 million in July, while the addition under the National Pension Scheme stood at 56,827 as against 50,118 in July 2021.

0.90 million were new members added to EPFO

The data further shows that out of the total 1.46 million net subscribers added to EPFO, around 0.90 million were new members who came under the social security umbrella of EPFO ​​for the first time, while 0.93 million net subscribers exited and rejoined the EPFO by changing jobs within the establishments covered by the retirement fund body.

Out of the total 1.48 million net subscribers added to EPFO, about 0.91 million new members have come under the social security ambit of EPFO ​​for the first time, while about 0.56 million net subscribers exited but rejoined the EPFO by changing jobs within the establishments covered under the purview of EPF & MP Act, 1952.

0.22 million female subscribers added under ESIC

Of the 1.32 million subscribers added under ESIC, 1.09 million were male and 0.22 million were female. Under NPS, the highest number of subscribers at 35,017 were added by the state governments in July, followed by the central government at 11,739 and the corporate sector at 10,071.

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