1.09 Crore New EPF Subscribers Added in 2023-24: Govt Report

The Ministry of Statistics and Programme Implementation reported on Friday that 1.09 crore new EPF subscribers were added in the 2023-24 fiscal year, highlighting the influx of individuals into the formal job sector. Complementary data from ESI and NPS schemes were also noted.

The Ministry of Statistics and Programme Implementation announced on Friday that 1.09 crore new Employees' Provident Fund (EPF) subscribers were added during the financial year 2023-24. This increase marks a significant move of individuals into the formal job sector.

Since September 2017, the government has been releasing employment statistics for the formal sector, utilizing data from three major schemes: the EPF, the Employees' State Insurance (ESI) Scheme, and the National Pension Scheme (NPS). In the same period, 1.67 crore new employees registered under the ESI Scheme, while under the NPS, 973,428 new subscribers were recorded in the 2023-24 fiscal year.

The ministry clarified that the numbers gathered have overlaps and are not additive. Detailed information is available on respective organizational websites spanning from September 2017 to June 2024. The report provides different insights into formal sector employment levels but doesn't offer a holistic employment measure. Suggestions for improvement in future reports are welcomed, with the next report scheduled for release on September 25, 2024.