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Payroll Reporting in India: An Employment Perspective
July 7 , 2024
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- The Employees' Provident Fund Organisation (EPFO) saw a decline of over 4 percent in gross new subscriber additions.
- It saws the total falling to 1.09 crore in 2023-24 compared to the previous year.
- EPFO recorded a gross addition of 1,09,93,119 new members in 2023-24, down from 1,14,98,453 in 2022-23.
- Over the past five fiscal years up to 2023-24, the gross addition of new EPFO members has not returned to pre-pandemic levels seen in 2018-19.
- That year, the gross addition of new members was 1,39,44,349.
- But, the National Pension Scheme (NPS) saw an increase in new subscriber additions, rising to 9,37,020 in 2023-24 from 8,24,735 in the previous fiscal year.
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