EPFO adds 19.3 lakh net members in June, up 7.9% YoY
Aug 20, 2024
New Delhi [India], August 20 : Employees' Provident Fund Organisation (EPFO) has added 19.29 lakh net members in June, as per the provisional data released on Tuesday.
The year-on-year analysis shows a growth of 7.86 per cent in net member additions compared to June 2023.
In a statement, Ministry of Labour and Employment said that this surge in membership can be attributed to increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programs.
The data indicates that around 10.25 lakh new members have enrolled during June 2024. There is an increase of 4.08 per cent in the new members from the previous month of May 2024 and 1.05 per cent increase from the previous year June 2023.
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 59.14 per cent of the total new members added in June 2024.
"This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers," the ministry statement said.
The payroll data highlights that approximately 14.15 lakh members exited and subsequently rejoined EPFO. This figure depicts year-on-year growth of 11.79 per cent compared to June 2023.
"These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection."
Gender-wise analysis of payroll data unveils that out of new members added during the month, around 2.98 lakh are new female members. This figure exhibits year-on-year growth of 5.88 per cent compared to June 2023.
Also, the net female member addition during the month stood at around 4.28 lakh reflecting year-on-year growth of 8.91 per cent compared to June 2023. The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.
State-wise analysis of payroll data denotes that net member addition is highest in the five states/ UTs of Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana.
These states constitute around 61.16 per cent of net member addition, adding a total of 11.8 lakh net members during the month. Of all the states, Maharashtra is leading by adding 21.09 per cent of net members during the month.
The above payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process. The previous data gets updated every month.
From the month of April 2018, EPFO has been releasing payroll data covering the period September 2017 onwards.
