EPFO Sees Record Membership Growth with 19.94 Lakh Net Additions in July 2024

The EPFO recorded a net increase of 19.94 lakh members, marking the highest membership growth since payroll tracking began in April 2018.

EPFO’s July 2024 Payroll Data Shows Record Growth in Membership

 

Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya, released the Employee Provident Fund Organisation's (EPFO) provisional payroll data for July 2024 in New Delhi, revealing a remarkable growth trajectory. The EPFO recorded a net increase of 19.94 lakh members, marking the highest membership growth since payroll tracking began in April 2018. Key Highlights:

 

1. Overall Membership Growth: In July 2024, EPFO added 10.52 lakh new members, reflecting a 2.66% rise over June 2024 and a 2.43% increase compared to the same month last year. The growth in memberships is driven by expanded employment opportunities and EPFO’s enhanced outreach programs aimed at boosting awareness of employee benefits.

2. Rejoining Members: A significant 14.65 lakh members, who had exited EPFO in the past, rejoined in July. This represents a year-over-year increase of 15.25%. Instead of withdrawing their provident fund savings, these members chose to transfer their balances, thus securing their long-term financial futures.

3. Young Workforce Driving Growth: The highest growth was observed among young adults aged 18-25, with 8.77 lakh net additions, primarily first-time job seekers entering the formal sector. This age group constituted 59.41% of the total new members added in July, reflecting the growing entry of youth into India’s organized workforce.

4. Surge in Female Membership: Women’s participation in the EPFO surged in July 2024, with 4.41 lakh net female members added—representing a year-over-year growth of 14.41%.

Notably, 3.05 lakh new female members joined during the month, marking a 10.94% increase. The trend highlights the ongoing push towards gender inclusivity in India’s workforce.

5. State-wise Contributions: Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat led the way in membership growth, collectively accounting for 59.27% of the total net additions in July 2024. Maharashtra alone contributed 20.21%, solidifying its position as a key hub for formal employment.

6. Industry-wise Trends: Several sectors contributed to EPFO’s strong growth, including manufacturing, IT services, construction, engineering, and private-sector banking. A substantial 38.91% of net additions came from expert services, including manpower suppliers, contractors, and security services.

 

Additional Insights: The surge in EPFO memberships is not only a reflection of improved employment opportunities but also signals growing confidence in India’s economic recovery. With increasing awareness about financial security and the benefits of long-term savings, EPFO’s efforts to simplify processes like Aadhaar-based Universal Account Numbers (UAN) and mobile app-based access have played a key role in attracting new members. Furthermore, the notable rise in female participation underscores the success of government and private sector initiatives aimed at promoting gender equality in the workplace. The payroll data remains provisional, as EPFO continues to update employee records regularly.

The monthly data counts those joining EPFO for the first time, exiting members, and those who rejoin, providing a comprehensive view of workforce trends. This surge is particularly promising as India seeks to formalize its labor market, boost job security, and encourage long-term financial planning, especially among its younger and female workforce.