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EPFO, NPS data show 5.2 crore payrolls addition in last 4 years: SBI study
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EPFO, NPS and ESIC) based on the recommendation given by Ghosh and Ghosh in the study titled, «Towards a Payroll Reporting in India».
«If we analyse the EPFO payroll data trends for the last four years, net new EPF subscriber addition during FY20 to FY23 was 4.86 crore,» said the recent SBI's research report 'Ecowrap'.
This number, however, consists of new payroll (first payroll), second payroll (rejoined/resubscribed members) and formalised payrolls.
«We subsequently estimated the net new payroll (first job/fresh job) adjusted for re-joined/re-subscribed members and formalization (based on ECR data). »As per our calculation, the actual net new payroll was 2.27 crore during FY20 to FY23.
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