New Delhi: The Employees’ Provident Fund Organisation (EPFO) has released its provisional payroll data for April 2024, revealing a significant addition of 18.92 lakh net members. This marks the highest net member addition since the EPFO began publishing payroll data in April 2018, representing a 31.29% increase from March 2024.
Year-on-year analysis shows a 10% growth in net member additions compared to April 2023. This surge is attributed to a combination of increased employment opportunities, greater awareness of employee benefits, and the effectiveness of EPFO’s outreach programs.
In April 2024, approximately 8.87 lakh new members enrolled with the EPFO. Notably, the 18-25 age group dominated new enrollments, constituting 55.50% of total new members. This trend aligns with previous data indicating that young, first-time job seekers primarily join the organized workforce.
The data also highlights that 14.53 lakh members exited and rejoined the EPFO, a 23.15% increase from March 2024. These members opted to transfer their accumulations when switching jobs rather than applying for final settlement, thereby securing their long-term financial well-being and extending their social security protection.
Gender-wise, the payroll data shows that out of the 8.87 lakh new members, around 2.49 lakh were female. The net addition of female members stood at approximately 3.91 lakh, reflecting a 35.06% increase compared to March 2024. This surge indicates a broader shift towards a more inclusive and diverse workforce.
State-wise analysis reveals that Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana saw the highest net member additions, contributing around 58.30% of the total, with a combined addition of 11.03 lakh net members. Maharashtra led the way, accounting for 20.42% of net members added during the month.
Industry-wise, the data shows significant growth in members working in sectors such as expert services, trading-commercial establishments, electrical, mechanical or general engineering products, engineering contractors, schools, and construction. Expert services, which include manpower suppliers, normal contractors, and security services, contributed to 41.41% of the total net membership.
The EPFO’s payroll data is provisional, as updating employee records is a continuous process. The EPFO has been releasing payroll data monthly since April 2018, covering the period from September 2017 onwards. The data includes members joining the EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting coverage, and those rejoining after exiting.