EPFO subscribers grow by 19% growth to 1.65 crore in FY24

EPFO subscriber growth: The Employees' Provident Fund Organisation (EPFO) has reported a strong growth of over 19 per cent in its membership, reaching 1.65 crore members in the fiscal year 2023-24, according to the latest payroll data. This surge reflects an encouraging trend in the country's employment landscape.

Over the past six and a half years, the EPFO has witnessed an addition of more than 6.1 crore members, underscoring the formalisation of the job market, as highlighted by a labour ministry official. The data further reveals a steady trajectory, with net subscriber additions of 61.12 lakh in 2018-19, rising to 78.58 lakh in 2019-20.

Although the pandemic-induced disruptions led to a temporary dip in net subscriber additions to 77.08 lakh in 2020-21, subsequent years witnessed a rebound. In 2021-22, additions increased to 1.22 crore and further to 1.38 crore in 2022-23. Notably, the EPFO recorded a significant acceleration in 2023-24, with a 19 per cent growth compared to the previous fiscal year.

The surge in EPFO subscriptions serves as a barometer of formal job market expansion and the widening coverage of social security benefits among the organised and semi-organised sectors, the official underlined. Despite challenges during the COVID-19 lockdowns, the resilience of the economy was evident as EPFO subscriptions rebounded swiftly post-lockdowns.

Moreover, the National Career Service (NCS) portal also witnessed a evolution, registering a 214 per cent surge in job vacancies in 2023-24 compared to the previous fiscal year. 

Analysis of the Periodic Labour Force Survey (PLFS) data reveals encouraging trends in labour participation rates, worker population ratios, and declining unemployment rates over the past six years. The PLFS, conducted by the Ministry of Statistics and Programme Implementation, serves as a vital data source for employment and unemployment indicators in India.

For instance, the Worker Population Ratio has increased from 46.8 per cent in 2017-18 to 56 per cent in 2022-23, while the labour force participation rate has risen from 49.8 per cent to 57.9 per cent during the same period. Notably, the unemployment rate has declined from 6 per cent to a low of 3.2 per cent in 2022-23, reflecting positive strides in India's employment landscape.

(With PTI inputs)