EPFO's membership base grows 8% YoY to 1.93M in June
The Employees' Provident Fund Organisation (EPFO) has reported a significant growth in its membership base, with an addition of 1.93 million members in June 2024. This represents a year-on-year increase of 7.9%. The data also revealed that the scheme registered more than one million new employees during this period, marking a monthly rise of 4% and an annual growth of 1%.
Young adults dominate new enrollments
The EPFO data highlighted that the majority of new members in June 2024 were young adults aged between 18 and 25. This age group accounted for a significant 59.14% of the total new members added during this period. The trend aligns with previous observations suggesting that most people joining the organized workforce are youth, primarily first-time job seekers.
Female employment sees a rise
The EPFO data also indicated an increase in female employment, with a YoY rise of 5.88%. Approximately 300,000 women joined the scheme in June 2024, accounting for nearly 30% of new employee additions. This suggests a positive trend toward gender diversity in the workforce.
Maharashtra leads in net member addition
A state-wise analysis of the payroll data showed that Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat had the highest net member additions. These states contributed approximately 61.16% to the total net member addition in June 2024. Among all states, Maharashtra led by adding 21.09% of net members during this month.
