Formal job creation picks up in March

Formal job creation ended the year on a high, registering double digit increases across all categories in March compared with the previous month, a data release of the government showed on Thursday.

While net additions to the Employees’ Provident Fund Organisation increased 10.1%, new subscriptions to the Employees’ State Insurance Corporation and National Pension Scheme increased 5.4% and 77.5% respectively, according to data released by the ministry of statistics and programme implementation.

The net additions to the EPF payroll increased to 1.34 million in March compared to 1.22 million in the previous month. The March additions to the EPF payroll were also the highest in 2022-23, with

The number of new subscribers to the NPS scheme declined to 55,890 in February from 59,292 in the previous month.

The number of new jobs added to ESIC increased to 1.31 million, rising for the first time in four months.

NPS applications exhibited a phenomenal rise, increasing to 99,206 compared to 55,890 subscribers added in February. This is the first time this year that NPS applications have inched closer to 100,000 subscribers, as state governments picked up on enrollments.

The number of people enrolled from state governments in NPS doubled to 66,640 from 33,132 in February. The corresponding increase for central government and private sector was 43% and 44%, respectively.Even though the NPS numbers showed a phenomenal increase, for 2022-23, the new additions declined 11.8% compared with the previous year.

The new subscriber addition to the scheme declined to 775,865 in 2022-23, compared with 879,787 in 2021-22.

The EPF and ESIC, on the other hand recorded, the highest net additions to the payroll over the last five years.

ESIC, which is applicable to people earning less than Rs 21,000 per month, added 15.4 million people—a 3.7% increase over the last year, whereas net additions to the EPF scheme were 13.22% higher.

Nearly 13.9 million subscribers were added to the EPF scheme, compared with 12.2 million additions in 2021-22.

Rising employment

• EPF enrollments in 2022-23 13.22% higher than 2021-22
• ESIC also shows higher new enrollments in 2022-23
• NPS enrollments increase 77.5% in March vis-à-vis February

(2022-23 data till March. EPF data shows net additions to payrolls which includes new additions and re-joinings. ESIC and NPS data only pertains to new joinings, in millions)