ESIC scheme adds 12.06 lakh new members in Dec 2020

By: |
February 25, 2021 5:21 PM

The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees' Provident Fund Organisation (EPFO) and the Pension Fund Regulatory and Development Authority (PFRDA).

It showed that during September 2017 - December 2020, around 3.94 crore (gross) new subscribers joined the Employees' Provident Fund scheme.It showed that during September 2017 - December 2020, around 3.94 crore (gross) new subscribers joined the Employees' Provident Fund scheme.

Around 12.06 lakh new members joined the ESIC-run social security scheme in December 2020 against 9.48 lakh in the previous month, official data showed on Thursday, giving perspective on formal sector employment in the country.

The latest data is part of a report released by the National Statistical Office (NSO).

Gross new enrolments with the Employees’ State Insurance Corporation (ESIC) were 8.87 lakh in June 2020, 4.89 lakh in May and 2.63 lakh in April, showing the increase in enrolments after easing of the lockdown, the latest data showed.

In July 2020, gross enrolments dipped to 7.63 lakh but improved to 9.5 lakh in August, 11.58 lakh in September and 12.06 lakh in October 2020.

The government had imposed a nationwide lockdown on March 25 last year to contain the spread of coronavirus infections. Later, restrictions were eased for various economic activities in phases.

The NSO report showed that gross enrolments of new subscribers with ESIC were 1.51 crore in 2019-20, compared to 1.49 crore in 2018-19.

During September 2017 – March 2018, around 83.35 lakh new subscribers had joined the ESIC scheme.

The report said gross new enrolments with ESIC from September 2017 to December 2020 period were 4.63 crore.

The NSO report is based on the payroll data of new subscribers of various social security schemes run by ESIC, the Employees’ Provident Fund Organisation (EPFO) and the Pension Fund Regulatory and Development Authority (PFRDA).

It has been releasing such data of these bodies since April 2018, covering the period starting from September 2017.

According to the report, net new enrolments with retirement fund body EPFO stood at 12.53 lakh in December, up from 8.70 lakh in November 2020.

It showed that during September 2017 – December 2020, around 3.94 crore (gross) new subscribers joined the Employees’ Provident Fund scheme.

The report titled ‘Payroll Reporting in India: An Employment Perspective – December 2020’ said that since the number of subscribers is from various sources, there are elements of overlap and the estimates are not additive.

The NSO said the report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Indiabulls Housing, HDFC ink pact for co-lending to offer housing loans at competitive rates
2Indiabulls Housing, HDFC ink pact for co-lending to offer housing loans at competitive rates
3MF Vs PMS: Which is a better investment option for retail investors?