EPFO Records 9.33% Growth in Net Member Additions for September 2024, Reflecting Expanding Workforce

New Delhi: The Employees’ Provident Fund Organisation (EPFO) has reported a significant increase in net member additions for September 2024, with 18.81 lakh members joining, marking a 9.33% year-on-year growth compared to September 2023. The rise underscores growing employment opportunities, heightened awareness of employee benefits, and EPFO’s robust outreach initiatives.

The organization enrolled 9.47 lakh new members, reflecting a 6.22% increase compared to the same period last year. The rise is attributed to better job availability and improved awareness of EPFO benefits through effective campaigns.

The 18-25 age group dominated new enrollments, contributing nearly 59.95% of total additions. This age group recorded a net addition of 8.36 lakh members, showing a 9.14% year-on-year growth, consistent with trends of first-time job seekers entering the organized workforce.

Approximately 14.10 lakh members exited and rejoined EPFO in September 2024, representing an 18.19% growth compared to September 2023. These members opted to transfer their savings instead of withdrawing them, securing long-term financial stability and retaining social security benefits.

The data highlights a positive shift towards gender inclusivity, with 2.47 lakh new female members enrolled, marking a 9.11% year-on-year growth. The net addition of 3.70 lakh female members reflects a 12.11% increase, indicating growing opportunities and participation of women in the workforce.

Top-performing states and Union Territories accounted for 59.86% of the total net additions, with Maharashtra leading at 21.20%. States like Karnataka, Tamil Nadu, Delhi, Haryana, Gujarat, Uttar Pradesh, and Telangana also contributed significantly, each adding over 5% of the total net members.Significant growth was observed in industries such as expert services, trading, engineering products, garment-making, cleaning services, healthcare, and finance. Notably, 41.69% of net additions came from expert services, including manpower suppliers and security services.

The EPFO emphasized that the data is provisional, with updates made monthly to reflect ongoing changes in member records. Since April 2018, the EPFO has released payroll data monthly, covering trends from November 2017 onward.

The September 2024 data highlights the evolving dynamics of India’s workforce, with youth, women, and diverse industries contributing to growth. EPFO’s efforts in enhancing awareness and simplifying processes continue to strengthen India’s organized labor sector, offering social security and financial stability to millions of workers.