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Employment Outlook: There has been a decline in the creation of new employment opportunities in the organized sector. There has been a decrease in the number of new subscribers joining EPFO, ESIC and NPS (National Pension System) in August 2022. The Ministry of Statistics has released the Provisional Payroll Data, according to which there has been a decline of 7.1 percent in the subscribers joining the EPFO (Employees’ Provident Fund Organization) in the month of August and it is 16.9 lakh. While it was 18.20 lakh in July, 18.30 lakh in June, 16.80 lakh in May and 15.30 lakh in April.
There has also been a decrease in the number of people joining ESIC (Employees’ State Insurance Corporation) in August. In August, it has decreased by 8 percent and it has come down to 14.6 lakh. Whereas in July it was 15.8 lakh, 15.6 lakh in June, 1.51 lakh in May and 12.8 lakh in April. The number of subscribers joining NPS has declined by 0.71 per cent to 65,543 as compared to 66,014 in July, 58,425 in June, 60,926 in May and 64,569 in April.
However, if we look at the data year after year, new jobs have increased in the organized sector in August 2022 as compared to August 2021. 2021 was affected by the second wave of the corona epidemic. Compared to August last year, 14.4 percent new employment opportunities have been created in the organized sector, when 14.8 lakh new employment opportunities were created. Even under ESIC, 10.5 percent more subscribers have been added as compared to August last year, and 16.3 percent more new subscribers have been enrolled in NPS.
According to the data, 0.71 million EPFO account holders had exited from this social security scheme. But after transferring the money deposited in the old PF account in the existing PF account, joined the EPFO again.
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