Home Business Provident Fund (PF) subscribers drop 11% in August: Retirement fund body

Provident Fund (PF) subscribers drop 11% in August: Retirement fund body

Retirement fund body: 986,850 subscribers added under provident fund in August

New Delhi:

Data released by the Ministry of Statistics and Program Implementation on Tuesday showed that a total of 986,850 people subscribed to the Employees’ Provident Fund during the month of August, which is 11 per cent less than the previous month.

Since April 2018, the ministry has been bringing in data related to employment in the formal sector covering the period September 2017 using information on the number of subscribers subscribed under three major schemes – the Employees’ Provident Fund (EPF) scheme. Employees State Insurance (ESI) Scheme and National Pension Scheme (NPS).

From September 2017 to August 2022, a total of 5,81,56,630 new subscribers joined the EPF scheme, the data showed.

In case of ESI, the total number of newly registered employees and contributing employees during August was 1,462,145.

Since September 2017 7,22,92,232 new customers have joined the ESI scheme.

Further, the data showed that 65,543 subscribers were added to the National Pension Scheme during August, and 37,85,101 had joined and contributed to the NPS since September 2017.

“The current report gives a different perspective on the level of employment in the formal sector and does not measure employment at the aggregate level,” the ministry said.

The next report is scheduled to be released on November 25, 2022.

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