EPFO records highest-ever monthly addition of 18.92L members in April
The Employees Provident Fund Organisation (EPFO) has reported a record-breaking addition of 18.92 lakh members in April 2024. This marks the highest monthly increase since release of its first payroll data in April 2018. The Labour Ministry also revealed that approximately 8.87 lakh of these individuals were first-time enrollees. This significant surge represents a 31.29% increase in net member addition compared to March 2024. Additionally, year-on-year (YoY) analysis shows a 10% rise in net member additions compared to April 2023.
Young job seekers dominate new enrollments
The majority of the new EPFO members were young job seekers aged between 18-25, who made up 55.50% of the total new enrollments. The data also showed that around 14.53 lakh members rejoined the EPFO after switching jobs, choosing to transfer their accumulations rather than applying for a final settlement. This trend underscores the appeal of EPFO's benefits among India's younger workforce, and those navigating career transitions.
Maharashtra leads in EPFO member addition
A state-wise breakdown revealed that Maharashtra contributed the most to the EPFO's record-breaking member addition, accounting for 20.42% of the total increase. It was followed by Karnataka, Tamil Nadu, Gujarat, and Haryana. The gender-wise analysis showed that out of the 8.87 lakh new members, approximately 2.49 lakh were women. The net addition of female members during this period stood at around 3.91 lakh.
