EPFO Records Highest Ever Addition of 19.50 Lakh Net Members in May 2024

New Delhi, July 20, 2024: The Employees’ Provident Fund Organisation (EPFO) has achieved a remarkable milestone by adding 19.50 lakh net members in May 2024, the highest monthly addition since the first payroll data was issued in April 2018. This significant surge reflects a 19.62% year-over-year growth compared to May 2023, underscoring the impact of increased employment opportunities, heightened awareness of employee benefits, and effective outreach programs by EPFO.

The data for May 2024 indicates that 9.85 lakh new members enrolled with EPFO, marking a 10.96% increase from April 2024 and an 11.5% rise from May 2023. A notable trend is the dominance of the 18-25 age group, which accounts for 58.37% of the total new members added. This trend aligns with the growing influx of young individuals, primarily first-time job seekers, joining the organized workforce.

Moreover, the payroll data reveals that around 14.09 lakh members exited and subsequently re-joined EPFO, showcasing a 23.47% year-over-year growth compared to May 2023. These members, who switched jobs and opted to transfer their accumulations instead of applying for final settlements, have thereby extended their social security protection and safeguarded their long-term financial well-being.

Gender-wise analysis highlights that approximately 2.48 lakh new female members were added in May 2024, reflecting a 12.15% year-over-year growth compared to May 2023. The net addition of female members stood at around 3.69 lakh, indicating a 17.24% increase from May 2023. This surge points towards a broader shift towards a more inclusive and diverse workforce.

State-wise data shows that Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana together accounted for 58.24% of the net member additions, totaling 11.36 lakh members in May 2024. Maharashtra led the way, contributing 18.87% of the net additions.

Industry-wise analysis indicates significant growth in sectors such as expert services, building and construction, garment making, textiles, engineering products, engineering contractors, trading, beedi making, and private sector electronic media companies. Expert services, including manpower suppliers, normal contractors, and security services, contributed approximately 42.33% of the total net membership.

The payroll data released by EPFO is provisional, as updating employee records is a continuous process. Since April 2018, EPFO has been publishing monthly payroll data covering the period from September 2017 onwards. This data includes new members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), existing members exiting EPFO coverage, and those who exited but re-joined as members, providing a comprehensive overview of net monthly payroll.

This unprecedented growth in membership addition reflects the increasing confidence in EPFO’s social security schemes and the positive impact of economic growth on employment in India.