In 2023-24, the Employees’ Provident Fund Organisation (EPFO) witnessed a decline in gross new subscriber additions to 10.9 million, down over 4% from the previous year’s 11.5 million, according to a report by the Ministry of Statistics & Programme Implementation. This decrease reflects ongoing challenges stemming from the pandemic, which severely impacted economic activity and employment across India. Despite a rebound in 2021-22, when additions reached 10.9 million, the figures have yet to recover to the pre-COVID levels of 13.9 million observed in 2018-19.
EPFO’s New Subscriber Growth Declines in 2023-24 Amid Pandemic Impact
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