Net new women EPFO subscribers addition rises to 28.69 lakh in FY23

The Employees’ Provident Fund Organization (EPFO) has reported a significant increase in the number of new women subscribers during the financial year 2022-23, indicating a rise in employment opportunities for women despite the challenges posed by the pandemic. According to Minister of State for Labour & Employment Rameshwar Teli, there has been a substantial increase in net women EPFO subscribers, from 15,93,614 in 2019-20 to 28,69,688 in 2022-23, demonstrating a positive trend in the formal job market.

Teli further explained that the EPFO data covers low-paid workers in medium and large establishments of the formal sector, making this increase in women subscribers a significant indicator of job creation and formalization in the job market, as well as improved coverage of social security benefits for the organized and semi-organized sector workforce.

Additionally, Teli informed the Rajya Sabha that the estimated female unemployment rate in the country has seen a decline to 2.9% in 2022-23, down from 4.2% in 2019-20, according to the Periodic Labour Force Survey (PLFS). The data also shows an increase in the female worker population ratio (WPR) to 35.6% in 2022-23 from 28.7% in 2019-20, indicating a positive trend in female employment in the country.

Historically, the increase in women’s participation in the formal job market is a positive indicator of economic growth and empowerment. The government has prioritized employment generation and improving employability, with a specific focus on increasing women’s participation in the labor force and enhancing the quality of their employment.

This data suggests that the labor force indicators for women in 2022-23 are showing positive trends, indicating an improvement over the pre-Covid period. This reflects the government’s efforts to promote women’s participation in the workforce and improve the overall quality of their employment. This news comes as a positive sign amidst the challenges posed by the pandemic, indicating progress and growth in the formal job market for women.