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Formal employment, measured by the number of Employees Provident Fund (EPFO) subscribers, the Employee Insurance Plan (ESIC) and the National Pension Plan (NPS) , experienced double-digit growth in May 2018, According to official payroll data released Wednesday by the Department of Statistics
Data show that 7.43,608 new enrollees registered in the EPFO in May 2018, against 6,776.14 in April, recording a growth of 10%. Within this group, approximately 34% of subscribers were 18 to 21 years old, 25% were 22 to 25 years old and 14.2% were 29 to 35 years old. The number of new subscribers to ESIC rose to 12,755,658 in May from 10,455,048 in April, an increase of 22%. Again, the 22-25 age group had the highest proportion – 27.6% – of new subscribers, followed by the 18-21 age group, which accounted for 21% of new subscribers.
The NPS reached 56,336 in May 2018, compared with 46,863 in April, a growth of 20.2%.
In NPS, the largest contribution to the number of new subscribers comes from the 35-year age group, which accounted for 29.3% of
The Ministry of Statistics and Program Implementation however clarified that simply looking at these data would not provide a complete picture of formal employment in the country
"As mentioned in the previous series, employment levels came from from various sources, there are elements of overlap and the estimates are not additive, "the ministry said in its statement. "This report gives different perspectives on employment levels in the formal sector and does not measure employment at a holistic level."
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