ESIC scheme adds 4.63 lakh new members in May

By: |
July 24, 2020 7:16 PM

The data showed that during September 2017-May 2020 around 3.38 crore (gross) new subscribers joined the Employees' Provident Fund Scheme.

The NSO report is based on the payroll data of new subscribers of various social security schemes run by the ESIC.

Around 4.63 lakh new members joined the ESIC-run social security scheme in May 2020 as against 2.55 lakh subscribers in April this year, data showed.  As many as 8.21 lakh new members had joined the scheme run by the Employees’ State Insurance Corporation (ESIC) in March 2020, against 11.83 lakh subscribers in the previous month, according to the payroll data released in May.

The data was part of a report released by the National Statistical Office (NSO) on Friday. It should be noted that after over two-month-long coronavirus lockdown, the country had on June 1 entered the first phase of unlock plan. The NSO report showed gross enrolments of new subscribers with the ESIC were 1.51 crore in 2019-20, against 1.49 crore in the previous fiscal.

During the period September 2017 to March 2018, around 83.35 lakh new subscribers had joined the ESIC scheme.
The report said that gross new enrolments with the ESIC during the September 2017 to May 2020 period were 3.91 crore.

The NSO report is based on the payroll data of new subscribers of various social security schemes run by the 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 recorded at 3.18 lakh during May, up from one lakh in April this year.

Provisional payroll data released by the EPFO last month had showed that net new enrolments stood at 1.33 lakh in April this year. The figure has now been revised to 1,00,825.  The net new enrolments with the Employees’ Provident Fund Organisation (EPFO) had dropped to 5.72 lakh in March 2020 from 10.21 lakh in February, as per the payroll data released in May.

The net new enrolments with the EPFO hover around 7 lakh every month on an average.  During 2019-20, the number of net new subscribers rose to 78.58 lakh compared to 61.12 lakh in the preceding fiscal, according to the latest payroll data in the report.

The data showed that during September 2017-May 2020 around 3.38 crore (gross) new subscribers joined the Employees’ Provident Fund Scheme. The report, titled ‘Payroll Reporting in India: An Employment Perspective – May 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, 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
1What does a Rs 5L health insurance plan cost? Here’s what 20 insurers are offering
2MCLR Vs RLLR Loans: What should new and existing borrowers do as RBI keeps repo rate unchanged?
3SC order: Franklin Templeton asked to seek investors consent for closure of schemes