New Delhi: Retirement fund body EPFO registered over 19 per cent growth year-on-year to 1.65 crore members in 2023-24, as per the latest payroll data, showing improvement in the employment situation in the country.
“In last 6 and half years alone, more than 6.1 crore members joined the EPFO (Employees’ Provident Fund Organisation) fold, indicating formalisation of the job market,” a labour ministry official told PTI.
The data shows that the EPFO had added 61.12 lakh net subscribers in 2018-19, which increased to 78.58 lakh in 2019-20.
However, it dipped to 77.08 lakh in 2020-21, mainly due to the pandemic effect and improved again to 1.22 crore in 2021-22 and 1.38 crore in 2022-23.
The official informed that the net subscribers addition by the body increased by over 19 per cent to 1.65 crore in 2023-24 compared to 1.38 crore in 2022-23.