News Brief
Jobless Growth? NPS, EPFO Data Shows Encouraging Trends With 5.2 Crore Payrolls Added In Last Four Years: SBI Research Report
Report reveals 44 lakh net new EPF subscribers were added.
According to the latest research report from State Bank of India, the analysis of Employment Provident Fund Organisation (EPFO) payroll data trends over the past four years reveals a net new EPF subscriber addition of 4.86 crore from FY20 to FY23.
The research report also highlights the encouraging trend in EPFO payroll data for the first quarter of the current financial year.
It reveals that 44 lakh net new EPF subscribers have already joined, with 19.2 lakh being the first payroll.
If this trend continues, it is projected that the net new payroll in FY24 will exceed 160 lakh, which would be the highest-ever recorded, with the first payroll ranging between 70-80 lakh.
According to National Pension System (NPS) data, there were 8.24 lakh new subscribers in FY23. Out of these, 4.64 lakh were from state government payrolls, followed by 2.30 lakh from non-government sources, and 1.29 lakh from the central government.
Over the past four years, a total of 31 lakh new subscribers have joined NPS.
When we consider the cumulative data, the total payroll generation of EPFO and NPS from FY20 to FY23 exceeds 5.2 crore.
An interesting observation from the current EPFO data is the significant decrease in the number of members who have rejoined or re-subscribed in the first quarter of the current financial year.
This suggests that more people may be choosing to stay with their current employment. Additionally, around 27 per cent of the payroll belongs to women.
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