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New Delhi: The Employees’ Provident Fund Organization (EPFO) added a net 1.85 million members in August, a year-on-year (YoY) increase of 9.07%.
The Labor and Employment Ministry said EPFO enrolled around 930,000 new members in August, a 0.48% increase in new members from August 2023.
The net figure is made up of both new members and people who rejoined after leaving work.
increase in membership
“This surge in new membership can be attributed to increased employment opportunities, increased awareness about employee benefits and successful outreach programs of EPFO,” the statement said.
The data showed that people in the 18-25 age group constituted about 59.26% of the total new members added in August 2024. Furthermore, the net payroll data for the 18-25 age group for August 2024 is approximately 806,000.
“This is in line with the earlier trend indicating that the majority of individuals joining the organized workforce are young, primarily first-time job seekers,” the ministry said.
Gender-wise analysis of the payroll data shows that out of the new members added during the month under review, around 253,000 are new female members, indicating a 3.75% increase in the joining of new female members in August 2023. The number of members during the month stood at approximately 379,000, an increase of 10.41% year-on-year. The increase in the number of female members signals a broader shift toward a more inclusive and diverse workforce.
The payroll data further revealed that around 1.35 million members exited and later rejoined the EPFO. This figure represents a year-on-year increase of 14.03% compared to August 2023.
These members changed their jobs and re-joined establishments under the purview of EPFO and opted to transfer their accumulations instead of applying for final settlement, thereby protecting their long-term financial well-being and their social security. Security expanded.
State-wise analysis of the payroll data shows that the net member growth in the top five states or Union Territories, accounting for about 59.17% of the net member growth, together added about 1.09 million net members during the month. Among states, Maharashtra leads the way with 20.59% net member addition during the month. Maharashtra, Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana and Uttar Pradesh individually added more than 5% of the total net members during August.
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