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Formal job growth slows in October; EPF and ESIC see decline

 December 26, 2024  Leave a Comment on Formal job growth slows in October; EPF and ESIC see decline
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New Delhi: The number of new subscribers to the Employees’ Provident Fund (EPF) scheme was at its lowest at 0.75 million in October in 2024-25, according to a report released by the Ministry of Statistics and Programme Implementation (MoSPI) on Thursday. New subscribers to Employees State Insurance Corporation (ESIC) was the lowest at 1.29 million in the current financial year except for April. On the other hand, new subscribers to the National Pension Scheme (NPS) increased by 12% to 64,977 in October from 58,018 in the month before. However, the additions were lower than at the beginning of the financial year.

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From April and October, the number of new NPS and EPF subscribers declined by 41.3% and 23.2%, respectively. Meanwhile, ESIC recorded a 5.3% increase in new registrations.

A gender-wise analysis shows that while the number of new male NPS subscribers increased by 20.1% in October compared to September, female NPS subscriptions fell by 5.8% in the same period.

For EPF and ESIC, the decline in new subscriptions was higher among men than women.

The number of new male EPF subscribers decreased by 26.1% in October from the month before, compared to 18.4% decline for females in the same period. Similarly, male ESIC subscriptions declined by 15.4%, while female subscriptions fell by 10.3%. -Our Bureau

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