Over 13.5 lakh new members have joined the Employees’ State Insurance Corporation (ESIC) run Social Security Scheme in the month of April as per the official data published on Friday.
The data is part of a report – Payroll Reporting in India: An Employment Perspective – April 2023 which is released by the National Statistical Office (NSO). The report showed that the gross enrolment with ESIC saw a growth of 1.67 crore in 2022-23 from 1.49 crore in 2021-22. The gross enrolment was reported at 1.15 crore in 2020-21, 1.51 crore in 2019-20 and 1.49 crore in 2018-19.
The report also highlighted that new enrolments with ESIC between September 2017 to April 2023 were 8.29 crore.
Report published by NSO is based on the payroll data of new subscribers of various social security schemes which are run by ESIC, the Employees’ provident Fund Organization (EPFO) and Pension Fund Regulatory and Development Authority (PFRDA). As per the report, net new enrolments with retirement fund body EPFO was 12.49 lakh in April 2023.
it also showed that between September 2017 to April 2023, almost 6.56 crore (gross) new subscribers enrolled in the Employees’ Provident Fund Scheme. Report has clearly mentioned that since the number of subscribers is from various sources, there are elements of overlap, and the estimates are not additive.
43,13,023 new subscribers have joined and contributed in the NPS schemes of central government, state government and various corporations during September 2017 and April 2023. NSO has also said that the report published gives different perspectives on the levels of employment in the formal sector and do not measure the employment at a holistic level.
As per the Employees’ Provident Funds and Miscellaneous Provisions Act, any firm which employees more then 20 people must provide its workers with subscription to retirement fund.
