One noteworthy aspect of the rise in EPFO subscribers is the increasing participation of women in the workforce. Traditionally, women in India have faced barriers to formal employment. However, EPFO payroll data reveals a promising trend as more women are now contributing to their retirement savings through organised channels. This rise in female subscribers can be attributed to increased education and awareness, improved opportunities, and the government’s emphasis on women’s empowerment. The share of women among new subscribers grew steadily over the last five years to 26 per cent from 21 per cent in FY19, illustrating a progressive shift towards gender parity in the Indian labour market. Notably, in the five years between 2018-19 and 2022-23, the share of women in the formal workforce increased by nearly 108 per cent from 13 lakh to 27 lakh. This shift for male workers was recorded at 103 per cent during the same period.
However, in spite of the increasing share of women as subscribers to EPFO schemes, EPFO’s membership is predominantly male, with 78 per cent of the members being male and 21 per cent being female.