Since September 2017, the formal sector has generated more than 18-million jobs, that’s just 15 months. These numbers were found in a study that was based on a payroll data EPFO, ESIC, and PFRDA.
1,843,748 members have joined the ESI scheme that is being run by the ESIC, this came up in a study by the CSO (Central Statistics Office) that is based on payroll data of different social security schemes.
The Central Statistics Office showed this on Friday, in the study, it was seen that 17,934,300 were new members who joined the schemes that were being run by the EPFO (Employees” Provident Fund Organisation) from September 2017 up to November 2018.
The study also showed that around 13,931,607 members of the said scheme quit the EPFO between the 15-month period, but it also showed that around 3,348,093 members decided to rejoin the scheme. So in total, the net addition during that time was around 7,350,786.
The study also showcased that around 1,031,484 joined the ESI scheme in 2018 (November), which is around 12.88 percent lesser than the 1,184,042 new in November 2017.
The highest numbers of new subscribers of the ESI scheme were in July 2018, which showed 1,468,880 in the month alone.
The study also showed that the employment generated an increase of 48 percent in the formal sector within the 15-month span, this data was released by the EPFO payroll data.
The data also showcased the total number of the new members of the NPS (New Pension Scheme) which was 919,791. The NPS is run by the PFRDA (Pension Fund Regulatory and Development Authority). This scheme covers the state and central government employees