Employment situation improving? EPFO net subscribers’ addition grows to 1.65 crore in fiscal 24

Employees’ Provident Fund Organisation (EPFO) reported more than 19 per cent growth year-on-year to 1.65 crore members in fiscal 2024, the latest payroll data shows, showing improvement in the employment situation in the country, reported Press Trust of India. 

“In last 6 and half years alone, more than 6.1 crore members joined the EPFO fold, indicating formalisation of the job market,” a Labour Ministry official said.

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The data show that the EPFO had added 61.12 lakh net subscribers in 2018-19, which rose to 78.58 lakh in 2019-20. However, it dipped to 77.08 lakh in 2020-21, mainly due to the pandemic impact and improved again to 1.22 crore in 2021-22 and 1.38 crore in 2022-23. 

The official said the EPF net subscribers’ addition by the body increased by over 19 per cent to 1.65 crore in 2023-24 compared with 1.38 crore in 2022-23. 

The net addition in EPFO subscriptions shows the extent of formalisation of the job market and the coverage of social security benefits to the organised/semi-organised sector workforce, the official opined.

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During the Covid-19 pandemic, the net addition to EPFO subscriptions fell and turned negative in April-May 2020.

With the easing of restrictions, the EPFO subscriptions bounced back fast, reaching 12.2 lakh in September 2020, he noted.