EPFO witnesses record addition of 19.5L members in May
The Employees Provident Fund Organisation (EPFO) reported a record net addition of 19.50 lakh members in May 2024, according to a Labour Ministry statement today. This increase marks the highest since the initial payroll data was published in April 2018. The ministry's year-over-year (YoY) analysis showed a growth of 19.62% in net member additions compared to May 2023, attributing this surge to factors such as increased employment opportunities and effective outreach programs by EPFO.
Young workforce dominates new enrolments
Data from May 2024 reveals that approximately 9.85 lakh new members enrolled in the EPFO, marking a rise of 10.96% from April 2024 and an increase of 11.5% from May 2023. The majority of these new members were within the age group of 18-25, accounting for a significant 58.37% of total new additions during this period. This trend aligns with previous data indicating that most individuals joining the organized workforce are young, primarily first-time job seekers.
Significant growth in re-joiners, female members
In May 2024, around 14.09 lakh members exited and subsequently re-joined the EPFO, reflecting a YoY growth of 23.47% compared to May 2023. These members chose to transfer their accumulations instead of applying for final settlement when switching jobs, thus extending their social security protection. A gender-wise analysis revealed that around 2.48 lakh new female members were added during May, showing a YoY growth of 12.15% compared to the same month in the previous year.
Maharashtra leads in net member addition
The highest net member addition was recorded in Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Haryana. These regions accounted for approximately 58.24% of the total net member addition, adding a total of 11.36 lakh net members during May 2024. Maharashtra led all states by contributing to 18.87% of the net members added during this period.
