EPFO Sees Surge in New Memberships: Youth and Diversity Lead the Way

The Employees' Provident Fund Organisation (EPFO) reported a significant 18.81 lakh net member addition in September, fueled by youth employment and a shift toward diversity. Maharashtra led state contributions, while awareness campaigns and job opportunities drove enrollments. Female member additions reflected a notable year-on-year growth.

The Employees' Provident Fund Organisation (EPFO) has seen a substantial increase in its member base, adding 18.81 lakh net members in September, according to provisional payroll data released on Wednesday. This marks a 9.33 percent growth compared to last year.

New enrolments accounted for 9.47 lakh of these, reflecting a 6.22 percent rise over September of the previous year. Reasons for this growth include burgeoning employment opportunities, heightened awareness of employee benefits, and effective outreach programs by the EPFO. Notably, the age group of 18-25 continues to show dominance, representing 59.95 percent of new additions.

The data highlights 8.36 lakh new members from the 18-25 age bracket, showcasing a 9.14 percent increase year-on-year. Many of these individuals are first-time job seekers entering the organized workforce. Furthermore, about 14.10 lakh members rejoined EPFO, signifying an 18.19 percent rise from the previous year's figures, opting to transfer instead of withdrawing their accumulations.

Gender dynamics reveal that 2.47 lakh of new members are female, indicating a 9.11 percent growth. Overall, the net addition of female members reached 3.70 lakh, marking a 12.11 percent increase, underscoring a shift towards a more inclusive workplace environment.

Geographically, Maharashtra led with 21.20 percent of net memberships, with Karnataka, Tamil Nadu, Delhi, Haryana, Gujarat, Uttar Pradesh, and Telangana each contributing over 5 percent. Expert services sectors, including manpower suppliers and security services, accounted for 41.69 percent of the total additions. (ANI)

(With inputs from agencies.)