In a significant development, the Employees’ Provident Fund Organisation (EPFO) has reported the highest-ever net addition of 19.50 lakh members during May 2024.Â
This remarkable surge in membership marks a pivotal moment for India’s organized workforce and underscores the growing awareness of employee benefits and social security programs.
Key Highlights
- The addition of 19.50 lakh net members in May 2024 represents a historic milestone for EPFO. This figure surpasses any previous monthly record since the issuance of the first payroll data in April 2018.
- Year-over-year analysis reveals a remarkable growth rate of 19.62% in net member additions compared to May 2023. Clearly, the Indian workforce is expanding at an accelerated pace.
It is significant to note that the 18-25 age group constitutes a whopping 58.37% of the total new members added in May 2024. These young individuals are predominantly first-time job seekers, eager to contribute to the formal economy.
The net payroll data specifically for this age group in May 2024 is the highest ever recorded, reflecting the vitality of youth employment.
Enhancing Inclusivity
Gender-wise analysis reveals encouraging trends. Out of the new members added in May 2024, around 2.48 lakh are new female members. This represents a year-over-year growth of 12.15% compared to May 2023.
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The net female member addition during the month stood at approximately 3.69 lakh, reflecting a robust year-over-year growth of 17.24%.
This surge in female participation signifies a broader shift toward a more inclusive and diverse workforce.
Approximately 14.09 lakh members exited and subsequently re-joined EPFO during the same month. This phenomenon indicates job mobility—individuals switching employers and opting to transfer their accumulations rather than seeking immediate final settlement.
Such strategic decisions safeguard long-term financial well-being and extend social security protection.
State-wise Distribution & Industry Insights
The five states/UTs leading the net member addition are Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. Together, they account for 58.24% of the total new members added during May 2024. Maharashtra stands out, contributing 18.87% of the net members during the same period.
Industry-wise data comparison reveals significant growth in specific sectors. Expert services (including manpower suppliers, normal contractors, security services, and miscellaneous activities) contribute around 42.33% of the total net membership.
Other industries showing notable growth include building and construction, garments making, textiles, electrical/mechanical/general engineering products, engineering contractors, and trading in commercial establishments.
Continuous Data Generation by EPFO
It’s important to note that the payroll data provided is provisional. EPFO continuously updates employee records, making data generation an ongoing process.
Since April 2018, EPFO has consistently released monthly payroll data covering the period from September 2017 onwards.
This data includes counts of members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UANs), as well as existing members who exit and subsequently re-join.
In summary, EPFO’s record-breaking net member addition in May 2024 reflects a growth-oriented workforce, with youth at the forefront and a commitment to financial security and social welfare.Â
As India’s economy evolves, EPFO remains a vital institution, ensuring the well-being of millions of workers across the country.
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