Recently, the National Statistical Office issued a report claiming that the adaptation of the NPS (National Pension System) by government employees hit a six-month high in September month. According to the report shared by the National Statistical Office, the number of government employees who adopted the National Pension System surged for a third consecutive month hitting a six-month high in September. This report showed a boost in fresh formal hiring in the public sector. You should stick with this page and go through the article till the end for more details. Swipe down the page and take a look below.
According to the National Statistical Office, the number of subscribers under the state and central government components of the National Pension System collectively rose by 7.8 percent in September taking the number of government employees from 57,399 in August to 61,897 in September. Do you know: in March a total of 85,586 government employees joined the National Pension System. Reportedly, the National Statistical Office issued this report on Friday, November 24, 2023, i.e. yesterday. Continue reading this column and unfold more details.
For all the new employees, the central government has mandated the National Pension System (NPS). Therefore, the National Statistical Office analyzed the figures of the monthly subscription of NPS are a proxy for newly hired government employment generation by the center. As mentioned, the number of monthly subscribers to the National Pension System increased for a third consecutive month, a total of 18,937 new employees subscribed to the National Pension System in September in comparison to 17,092 subscribers in August. However, it is pertinent that a higher number of employees joined the National Pension System in September than in August, in September 42,960 employees subscribed under the state component, which was 40,307 in August. Shift to the next section and read more details.
University of Bath visiting professor Santosh Mehrotra said, “While recruitments are happening at the government level, they only reflect a very marginal portion of the total (workforce) in the country. The decline seen in formal and wage employment, as reflected in the EPFO data and the recent PLFS data, shows that the job market isn’t generating enough jobs for the ever-increasing labor force”. As a few Opposition-ruled states like Chhattisgarh, Rajasthan, Himachal Pradesh, Punjab, and Jharkhand had announced a return to the Old Pension Scheme (OPS), therefore, the NPS numbers cannot be used as an exact metric to measure hiring at the state level.