The tempo of formalisation of jobs slowed in February, revealed the most recent payroll information compiled by the ministry of statistics and programme implementation (MosPI).
At a four-month low, 0.84 million new subscribers joined the social safety schemes run by the Employees’ Provident Fund Organisation in February. The variety of newly-registered staff who begin paying contribution through the month fell to a three-month low for Employees’ State Insurance Corporation (ESIC) at 1.25 million.
Number of latest subscribers’ addition was the very best in August when a bit over a million joined the EPFO scheme for the primary time. The highest addition of latest subscribers in ESIC was in December at 1.54 million. “The numbers of subscribers are from various sources and there are elements of overlap. Therefore, the estimates from various sources are not additive,” MoSPI mentioned.
The February numbers do considerably corroborate with the Centre for Monitoring Indian Economy’s (CMIE’s) unemployment information. According to the personal sector thinktank, India’s unemployment fee was a six-month excessive of 8.1% in February.
Since April 2018, MosPI has been bringing out the employment-related statistics within the formal sector masking the interval September 2017 onwards, utilizing info on the variety of subscribers who’ve subscribed beneath main schemes, together with EPFO and ESIC. While EPFO is relevant to institutions having greater than 20 employees, ESIC applies to entities having 10 or extra individuals.
Source: www.financialexpress.com”