EPFO Reports Record Increase in New Members, Highest Since Inception of Payroll Data in 2018

Interestingly, around 14.53 lakh members exited and subsequently rejoined EPFO establishments during the month, marking a 23.15% increase from March 2024.

The Employees' Provident Fund Organisation (EPFO) has published its provisional payroll data for April 2024, revealing a significant milestone with the addition of 18.92 lakh net members. This marks the highest monthly increase since EPFO began reporting payroll data in April 2018. Compared to March 2024, the current month saw a notable 31.29% surge in net member additions.

Year-on-year analysis also indicates a substantial growth of 10% in net member additions compared to April 2023. This uptick can be attributed to various factors such as expanded employment opportunities, heightened awareness of employee benefits, and effective outreach efforts by EPFO.

Of the total, approximately 8.87 lakh new members enrolled in April 2024, with the 18-25 age group constituting a significant majority at 55.50%. This demographic trend underscores that a considerable portion of the new entrants into the organized workforce are young adults, many of whom are embarking on their first jobs.

Interestingly, around 14.53 lakh members exited and subsequently rejoined EPFO establishments during the month, marking a 23.15% increase from March 2024. These members opted to transfer their accumulations rather than apply for final settlement, thus ensuring their long-term financial security and continuity of social security benefits.

Gender-wise, the payroll data reveals a notable increase in female membership, with approximately 2.49 lakh new female members joining in April 2024. The net addition of female members stood at approximately 3.91 lakh, reflecting a substantial 35.06% rise from the previous month.

State-wise analysis indicates that Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana accounted for the highest net member additions, comprising 58.30% of the total increase. Maharashtra led among states, contributing 20.42% of the net members added during the month.

In terms of industries, significant growth was observed in sectors such as expert services, commercial trading establishments, engineering products, engineering contractors, educational institutions, and construction. Expert services alone contributed 41.41% to the total net membership increase.

EPFO emphasizes that the payroll data is provisional and subject to continuous updates as employee records are regularly updated. Since April 2018, EPFO has been releasing monthly payroll data covering member joinings, exits, and re-entries through Aadhaar validated Universal Account Numbers (UAN).

For more detailed insights into the April 2024 payroll data, visit EPFO's official release.