EPFO Adds Record 19.94 Lakh Members in July 2024, Marks Highest Payroll Growth Since 2018

New Delhi: Union Minister of Labour & Employment and Youth Affairs & Sports today released the Employees’ Provident Fund Organisation (EPFO) provisional payroll data for July 2024, highlighting a significant surge in membership growth. EPFO added a record-breaking 19.94 lakh net members in July, the highest increase since payroll data tracking began in April 2018.

Key Highlights from EPFO Payroll Data (July 2024):

Overall Membership Growth: EPFO welcomed 10.52 lakh new members in July 2024, marking a 2.66% rise over June 2024 and a 2.43% increase compared to the same period in 2023. The growth is largely attributed to expanding employment opportunities, enhanced awareness of employee benefits, and EPFO’s robust outreach programs aimed at broadening its member base.

Rejoining Members: Around 14.65 lakh members, who had previously exited the system, rejoined EPFO in July. This figure represents a 15.25% year-on-year increase. These rejoining members opted to transfer their provident fund accumulations instead of withdrawing them, a positive indicator of growing financial awareness and a focus on long-term financial security.

Youth Employment Surge (18-25 Age Group): The 18-25 age group recorded the highest growth, with 8.77 lakh net additions in July 2024, the largest increase for this demographic since the inception of payroll data tracking. This group, representing 59.41% of all new members, is primarily composed of young, first-time job seekers entering the organized workforce, reflecting the steady expansion of employment opportunities for India’s youth.

Rising Female Participation: The number of new female members joining EPFO grew significantly, with 3.05 lakh women added in July 2024, marking a 10.94% increase compared to the previous year. In total, 4.41 lakh net female members joined in July, the highest monthly addition for women since payroll tracking began, showcasing a 14.41% year-over-year growth. This trend indicates an encouraging shift toward a more inclusive workforce with increased female participation.

State-wise Contributions: Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat collectively contributed 59.27% of the total net member additions in July 2024, with 11.82 lakh members added across these states. Maharashtra led the way, accounting for 20.21% of the total new members, further highlighting the state’s role as a key driver of employment in India.

Industry-wise Trends: Significant growth in membership was observed across sectors such as manufacturing, computer services, construction, engineering, banking (non-nationalized), and private sector electronic media. Notably, 38.91% of net additions came from expert services, including manpower suppliers, contractors, and security services, demonstrating the pivotal role of these industries in generating employment.

The payroll data remains provisional as EPFO’s data generation and employee record updates are part of an ongoing process. The previous data is updated every month to reflect the most accurate numbers. Since April 2018, EPFO has been releasing monthly payroll data covering the period from September 2017 onwards. This includes first-time joiners through Aadhaar-validated Universal Account Numbers (UAN), exits from EPFO coverage, and members rejoining after exiting.