EPFO Records Highest Addition of 19.50 Lakh Net Members in May 2024.
New Delhi:
The Employees’ Provident Fund Organisation (EPFO) has reported a substantial increase in membership, marking a historic milestone with the addition of 19.50 lakh net members in May 2024. This surge represents the highest monthly addition since the inception of payroll data reporting in April 2018.
The data reveals that during May 2024, 9.85 lakh new members enrolled with EPFO, signifying a notable 10.96% increase from the previous month of April 2024 and an 11.5% rise compared to May 2023. A significant proportion of these new members, approximately 58.37%, belong to the 18-25 age group, highlighting a trend where young adults constitute a substantial portion of the organized workforce.
Moreover, the year-over-year comparison indicates a robust growth of 19.62% in net member additions compared to May 2023, underscoring an expanding job market and heightened awareness about employee benefits facilitated by EPFO.
The data also reflects a positive trend in gender diversity, with around 2.48 lakh new female members joining EPFO in May 2024, marking a 12.15% increase from the same period last year. The net addition of female members during the month stood at approximately 3.69 lakh, showcasing a 17.24% year-over-year growth.
In terms of geographical distribution, Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana emerged as the leading states/Union Territories, contributing 58.24% of the total net member addition during May 2024. Maharashtra led with the addition of 18.87% of net members during the same period.
The industry-wise analysis indicates significant growth in sectors such as expert services, building and construction, textiles, engineering products, and commercial establishments. Expert services alone accounted for 42.33% of the total net membership addition, reflecting a dynamic job market across various sectors.
EPFO’s continuous efforts in updating employee records have contributed to the accuracy of the payroll data, which remains provisional and subject to monthly updates. Since April 2018, EPFO has been steadfast in providing comprehensive payroll data, covering member enrollments, exits, and re-joins through Aadhaar-validated Universal Account Numbers (UAN).
The notable increase in EPFO membership underscores a positive outlook for the employment landscape in India, supported by proactive measures aimed at enhancing social security and financial well-being for all members.
