EPFO Sees 7.86% Growth in Net Members in June 2024

The Employees' Provident Fund Organisation added 19.29 lakh net members in June 2024, reflecting a 7.86% year-on-year growth. Major contributors include increased employment opportunities and effective outreach programs, with significant engagement from the youth and female workforce, particularly in Maharashtra.

The Employees' Provident Fund Organisation (EPFO) reported an addition of 19.29 lakh net members in June, according to provisional data released on Tuesday. This marks a 7.86% year-on-year growth in net member additions compared to June 2023.

According to the Ministry of Labour and Employment, this surge in membership is due to increased job opportunities, heightened awareness of employee benefits, and effective EPFO outreach efforts. Notably, 10.25 lakh new members enrolled in June 2024. This represents a 4.08% increase from May 2024 and a 1.05% rise compared to June 2023.

The data highlights that 59.14% of new members are aged 18-25, indicating that many are first-time job seekers entering the organized workforce. Additionally, around 14.15 lakh members exited and subsequently rejoined EPFO, showing an 11.79% year-on-year growth. This trend suggests members prefer to transfer their funds rather than withdrawing them, thus ensuring long-term financial security.

Gender-wise analysis showed that approximately 2.98 lakh new female members joined in June, a 5.88% increase from June 2023. The total net addition of female members stood at around 4.28 lakh, reflecting an 8.91% year-on-year growth, indicating a shift towards a more inclusive workforce.

Geographically, the highest net member additions were recorded in Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana, accounting for 61.16% of the total. Maharashtra led with 21.09% of the net additions.

The payroll data, which is provisional and updated monthly, has been released by EPFO since April 2018, covering data from September 2017 onwards.

(With inputs from agencies.)