1.09 Crore New EPF Subscribers Join In FY24, Signaling Formal Sector Growth

Under the Employees’ Provident Funds Scheme, a total of 1.09 crore new EPF subscribers were added during the financial year 2023-24, the Ministry of Statistics and Programme Implementation said on Friday. This data indicates the number of individuals who are making their way into the formal job sector.

The government has been releasing the employment-related statistics in the formal sector covering the period September 2017 onwards, using information on the number of subscribers who have subscribed under three major schemes, namely the Employees’ Provident Fund (EPF) Scheme, the Employees’ State Insurance (ESI) Scheme, and the National Pension Scheme (NPS).

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Under the Employees’ State Insurance Scheme, the newly registered employees paying contributions under the scheme totaled 1.67 crore.

Under the National Pension Scheme (NPS), during the year 2023-24, the total number of new contributing subscribers was 973,428.

The numbers of subscribers are from various sources and there are elements of overlap. Therefore, the estimates from various sources are not additive. Detailed information is separately published on the respective organizational websites for the period September 2017 to June 2024.

The ministry said that the present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level. The Ministry welcomes suggestions for improvement in content, coverage, and presentation. The next report is due for release on September 25, 2024.

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