India’s formal job growth and EPF new subscribers experienced a slight decline in September 2024, according to a report released by the Ministry of Statistics and Programme Implementation (MoSPI).
The report highlights a marginal decrease in new subscribers to key social security schemes, such as the Employees Provident Fund (EPF) and the Employees State Insurance Corporation (ESIC).
Decrease in EPF and ESIC Subscriptions
The number of new subscribers added to the EPF scheme dropped to 0.95 million in September from 0.98 million in August, marking the lowest level so far in the current financial year.
Similarly, the Employees State Insurance Corporation (ESIC) saw a decline in new subscribers, falling from 1.53 million in August to 1.5 million in September.
This decrease is attributed to various factors, including economic uncertainties and seasonal fluctuations in employment patterns.
In contrast to the decline in EPF and ESIC subscriptions, the National Pension Scheme (NPS) reported an increase in new subscribers.
The NPS added 58,018 new subscribers in September, compared to 54,869 in August.
This growth indicates a positive trend in the formal job market, despite the overall marginal decline in job additions.
Gender Disparities in Subscriptions
The report also highlights gender disparities in new subscriptions.
Female subscriptions to both the EPF and ESIC fell by 6.6% and 6.9%, respectively, in September compared to August.
Male subscriptions to the EPF declined by 1.9%, while male ESIC subscriptions saw a slight increase of 0.1%.
The NPS, however, saw a significant increase in female subscribers, growing by 15.7%, surpassing the 1.8% increase in male subscribers.
Despite the marginal decline in September, the first half of the current financial year shows overall growth in formal job additions compared to the corresponding period last year.
This indicates a resilient job market, with continued efforts to create employment opportunities across various sectors.
India’s formal job market experienced a slight decline in September 2024, with decreases in EPF and ESIC subscriptions.
However, the National Pension Scheme (NPS) showed growth, and the first half of the fiscal year indicates overall positive trends.
The government and industry stakeholders remain focused on creating employment opportunities and supporting economic growth.
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