As of Aug-end, EPF schemes added over 14.5 mn new subscribers in a year

More than 14.5 million new subscribers joined the Employees' Provident Funds (EPF) Scheme during the one year period through August 2018, says payroll data released by the government on Thursday.

The Ministry of Statistics and Programme Implementation (MoSPI) has been bringing out the employment related statistics in the formal sector since April, 2018 covering the period September 2017 onwards.

It uses information on the number of subscribers who have availed benefits under three major schemes, namely, the Employees' Provident Fund (EPFO), Employees' State Insurance Scheme (ESIC) and the National Pension Scheme (NPS).

As per the data, the number of new subscribers joining EPF during September 2017- August 2018 stood at 1,45,63,864.

It further said that about 9.1 million ceased to be subscribers of the retirement fund scheme during the period.

However, about 1.85 million subscribers, who had ceased to be members, have re-started their contributions during the period.

The MoSPI further said the number of new National Pension System (NPS) subscribers during September, 2017 to August, 2018 is estimated at 6,89,385 persons.

It has also provided month wise data on ESIC subscription.