New Delhi: The Employees’ Provident Fund Organisation (EPFO) has reported a substantial net addition of 19.50 lakh members in May 2024, marking the highest monthly increase since EPFO began releasing payroll data in April 2018.
A year-over-year analysis reveals a 19.62% growth in net member additions compared to May 2023. This surge can be attributed to increased employment opportunities, heightened awareness of employee benefits, and the effectiveness of EPFO’s outreach initiatives.
In May 2024, approximately 9.85 lakh new members enrolled with EPFO, reflecting a 10.96% increase from April 2024 and an 11.5% rise from May 2023. The data also highlights a significant influx of young members, with the 18-25 age group constituting 58.37% of the total new additions. This trend underscores the increasing integration of first-time job seekers into the organized workforce.
The net payroll data for the 18-25 age group in May 2024 is the highest recorded since the initial publication of payroll data.
Additionally, around 14.09 lakh members exited and subsequently re-joined EPFO during May 2024, indicating a 23.47% year-over-year growth. These individuals opted to transfer their provident fund accumulations instead of applying for final settlements, thus ensuring their long-term financial security and extending their social security benefits.
A gender-wise analysis reveals that approximately 2.48 lakh new female members were added in May 2024, showing a 12.15% year-over-year growth. The net addition of female members stood at around 3.69 lakh, reflecting a 17.24% increase from May 2023. This rise in female membership points to a more inclusive and diverse workforce.
State-wise data indicates that Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana accounted for 58.24% of the net member additions, contributing a total of 11.36 lakh new members in May 2024. Maharashtra led the states with 18.87% of the net additions.
Industry-wise data shows significant growth in memberships from sectors such as expert services, building and construction, garment making, textiles, electrical and mechanical engineering products, engineering contractors, commercial trading establishments, beedi making, and private sector electronic media companies. Approximately 42.33% of the total net membership came from expert services, which includes manpower suppliers, contractors, security services, and miscellaneous activities.
EPFO has been releasing payroll data since April 2018, covering the period from September 2017 onwards. The data, which is provisional due to the continuous updating of employee records, reflects members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those who exited but later re-joined.