Number of beneficiaries added under EPS India FY 2016-2019
In financial year 2019, more than 23 million people have been added to the Employee's Pension Scheme in India. This was an improvement from the last fiscal year. However, no steep increase was witnessed in the last few fiscal years. The onset of the coronavirus (COVID-19) pandemic led to losses in jobs, and an unprecedented opt-out from auto-enrolled pensions. This resulted in the government not being able to determine exact figures of which employees have stopped saving or are not contributing since the lockdown period in late March 2020.