NEW DELHI: Formal job creation remained muted in May after a stellar rise in April even as less-paying jobs increased, official data released on Tuesday showed. New subscriptions to the Employees’ Provident Fund Scheme declined 1% sequentially in May, while the Employees' State Insurance Corporation, which applies to smaller establishments and less remunerative jobs, showed 11% rise in new subscribers month on month.
The number of people re-subscribing to the EPF scheme declined 16% in May compared to April,labour and employment ministry data showed.
The National Pension Scheme also saw a decline in new subscribers, with monthly additions falling 14.6% to 57,695 in May compared with 67,534 in April. However, net additions to the EPF were higher in June as the people exiting EPF were down by almost half, as per provisional data.
The proportion of people aged 29 and above who subscribed or resubscribed to EPF scheme rose to 44.6% for first two months of the fiscal from 42.84% in 2022-23, an ET analysis showed. In ESIC, share of those aged 29 and above for first two months of FY24 increased to 39.2% from 38% in FY23.
Source Name : Economic Times