Employees Provident Fund (EPF) Scheme: Over 3 crore new subscribers joined the government's EPF scheme in around two years.
Employees Provident Fund (EPF) Scheme: Over 3 crore new subscribers joined the government’s EPF scheme in around two years. “During September 2017 – December 2019; 3,12,09,293 new subscribers joined the EPF scheme,” National Statistical Office, Ministry of Statistics & Programme Implementation said in a statement today. The EPF data gives an insight into the level of employment in the formal sector.
The Ministry has been releasing employment-related statistics in the formal sector, covering the period September 2017 onwards, since April 2018. The data is based on the number of subscribers joining three major schemes – Employees’ Provident Fund (EPF) Scheme, the Employees’ State Insurance (ESI) Scheme and the National Pension Scheme (NPS).
The total number of new subscribers during September 2017-March 2018 was 84,57,404. Over one crore new subscribers were added during April 2018 – March 2019. As many as 1,39,44,349 new subscribers, including 1,10,20,080 males and 29,23,962 female and 305 ‘others’ joined the scheme in this period.
In December 2019, total number of new subscribers was 7,82,139, including 605,667 male and 1,76,438 female and 21 ‘others’. The total number of subscriptions that ceased in this period was 3,60,702. Also, the number of exited members who rejoined and resubscribed in December last year was 5,87,163.
The EPF scheme is applicable to establishments having more than 20 workers.
EPF is a mandatory savings scheme under Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The EPF is managed by the Employees’ Provident Fund Organization (EPFO). The EPF Act covers every establishment in which 20 or more persons are employed. Certain other establishments notified by the Central Government even if they employ less than 20 persons each can also be covered under the Act. There is a pay ceiling of Rs.15000 per month. However, persons earning over Rs. 15,000 can be enrolled with some permission or on a voluntary basis.