New Delhi: The Employees’ Provident Fund Organisation (EPFO) has released provisional payroll data for August 2024, revealing a net addition of 18.53 lakh members during the month. This represents a 9.07% year-on-year growth compared to August 2023, highlighting the growing employment opportunities and heightened awareness of employee benefits across the country.
New Membership Surge
In August 2024, EPFO enrolled approximately 9.30 lakh new members, a 0.48% increase compared to the same period in 2023. The rise in new memberships reflects the expansion of employment opportunities, driven by effective outreach programs and growing awareness of social security benefits provided by EPFO.
Youth Lead the Workforce
The data underscores the continued dominance of the 18-25 age group, which accounted for 59.26% of new memberships in August 2024. A total of 8.06 lakh young workers from this age group joined EPFO during the month, marking a significant portion of first-time job seekers entering the organized workforce.
Rejoining Members
EPFO’s payroll data also highlights that around 13.54 lakh members exited and subsequently rejoined the organization, representing a 14.03% year-over-year growth. These individuals, having switched jobs, opted to transfer their accumulated funds rather than settle them, ensuring long-term financial security and continuity in social security protection.
Female Membership Growth
Gender-wise analysis reveals that approximately 2.53 lakh new female members were added in August 2024, a year-over-year growth of 3.75%. The net addition of female members stood at 3.79 lakh, marking a 10.41% growth compared to August 2023. This increase underscores a growing trend toward a more inclusive and diverse workforce in India.
State-Wise Contributions
A state-wise breakdown of the payroll data shows that the top five states and Union Territories (Maharashtra, Karnataka, Tamil Nadu, Haryana, and Delhi) contributed 59.17% of the net membership additions in August 2024. Maharashtra led the way, contributing 20.59% of net members. Other states including Gujarat, Telangana, and Uttar Pradesh also contributed more than 5% each to the total net membership.
Industry-Wise Trends
The data highlights robust month-on-month growth in specific industries such as trading, engineering contractors, construction, agriculture, and beedi making. Around 40.36% of net membership additions came from expert services, including manpower suppliers, contractors, and security services.
EPFO’s payroll data, which is part of a continuous updating process, reflects real-time trends in employment and social security enrollment. Since April 2018, the EPFO has been publishing payroll data starting from October 2017, providing insights into the number of new members, exits, and re-joiners within the EPFO network.
This growth in membership across various sectors and demographics is a testament to the organization’s ongoing efforts to expand coverage and enhance financial security for India’s workforce.