EPF Corpus Reaches Massive ₹24.76 Lakh Crore, Growing Fivefold in a Decade

India’s Employees’ Provident Fund (EPF) corpus has witnessed an unprecedented rise over the past decade, surging from ₹5.46 lakh crore in FY14 to ₹24.76 lakh crore in FY24, according to a Moneycontrol analysis. The five-fold jump highlights the steady formalisation of India’s labour force and the growing wage base in the organised sector.

Retirement Savings Lead the Growth

The EPF’s primary retirement savings pool comprising both employee and employer contributions grew from ₹3.25 lakh crore to ₹15.29 lakh crore between FY14 and FY24.

The Employees’ Pension Scheme (EPS) component also saw robust growth, expanding from ₹2.08 lakh crore to ₹8.76 lakh crore during the same period. Meanwhile, the Employees’ Deposit Linked Insurance (EDLI) fund which offers life cover to subscribers rose from ₹13,711 crore to ₹45,529 crore.

As a share of the total corpus, EPF accounts now represent 61.8% (up from 59.5% in FY14), while the EPS share has slipped slightly to 35.4%, reflecting faster accumulation in the provident fund component.

Formalisation and Policy Support

The expansion coincides with the broader formalisation of India’s workforce, aided by schemes such as the PM Rojgar Protsahan Yojana (PMRPY) and Atmanirbhar Bharat Rozgar Yojana (ABRY).

The introduction of the Universal Account Number (UAN) has made employee tracking and fund portability easier, improving compliance. Over the past 7 years, 7.82 crore new members have joined the EPF system, signalling growing workforce participation in formal employment.

However, the rising trend of partial withdrawals, with nearly 3 crore claims in FY24, indicates that many members are relying on EPF funds to meet short-term needs.

Read More: EPFO Eases 'Part Withdrawal' Rules, Allowing Up to 100% of EPF Balance!

Conclusion

The exponential rise in the EPF corpus underscores India’s progress in formal job creation and financial inclusion. Yet, as liquidity preferences increase among savers, policymakers may need to reinforce financial literacy and long-term savings discipline to preserve the fund’s retirement-oriented purpose.

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