The Employees’ Provident Fund Organisation (EPFO) reported a net addition of 19.29 lakh members in June 2024, according to provisional data released today. This marks a 7.86% increase in member additions compared to the same period last year, driven by factors such as improved employment prospects, heightened awareness of employee benefits, and the success of EPFO’s outreach initiatives.
In June 2024, around 10.25 lakh new members were enrolled with EPFO, reflecting a 4.08% rise from May 2024 and a 1.05% increase compared to June 2023. The data also revealed that 59.14% of these new members are in the 18-25 age group, underscoring a trend of young individuals entering the organized workforce, particularly first-time job seekers.
Additionally, approximately 14.15 lakh members exited and later rejoined EPFO in June, representing an 11.79% increase from June 2023. This rejoining trend is primarily attributed to members changing jobs and opting to transfer their provident fund balances rather than withdrawing them, ensuring long-term financial security and extended social protection.
A closer look at the data shows that about 2.98 lakh of the newly enrolled members in June 2024 are women, representing a 5.88% growth from June 2023. The overall net addition of female members during the month reached 4.28 lakh, reflecting an 8.91% year-on-year growth. The rise in female participation highlights the increasing diversity and inclusivity in the workforce.
State-wise, the top contributors to net member additions are Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana, collectively accounting for 61.16% of the total additions, or 11.8 lakh members. Maharashtra led the way, contributing 21.09% of the net members.
Industry analysis shows notable growth in sectors such as education, financial services, insurance, and private sector electronic media. Expert services, including manpower suppliers, contractors, and security services, made up around 40.70% of the total net membership additions.
It is important to note that EPFO’s payroll data is provisional, as updates to employee records are an ongoing process. Since April 2018, EPFO has been releasing monthly payroll data covering the period from September 2017 onwards. The data includes members joining EPFO for the first time with Aadhaar-validated Universal Account Numbers (UANs), members exiting coverage, and those rejoining after exiting, to calculate net monthly payroll figures.
