EPFO Update: According to provisional data released today, the Employees’ Provident Fund Organisation (EPFO) recorded a net addition of 19.29 lakh members in June 2024. This marks a 7.86 per cent increase in net membership additions as compared to June 2023, indicating strong growth driven by rising employment opportunities, increased awareness of employee benefits and successful outreach initiatives of the EPFO.
As of June 2024, 10.25 lakh new members have enrolled with EPFO, reflecting a 4.08 per cent increase over May 2024 and a 1.05 per cent increase over June 2023. Notably, 59.14 per cent of these new members belong to the age group of 18-25 years, underlining a continuing trend of young people, especially first-time job seekers, entering the organised workforce.
The payroll data also reveals that around 14.15 lakh members exited and then rejoined EPFO during the month, showing a year-on-year increase of 11.79 per cent compared to June 2023. These members changed jobs and opted to transfer their accruals, maintaining long-term financial security and expanding their social security coverage.
Gender-wise analysis shows that 2.98 lakh new women joined EPFO in June 2024, an increase of 5.88 per cent over June 2023. Net additions of women members stood at around 4.28 lakh, reflecting a year-on-year growth of 8.91 per cent, indicating a positive shift towards a more inclusive and diverse workforce.
State-wise, Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana led the net membership additions, contributing 61.16 per cent of the total, with 11.8 lakh members added in June. Maharashtra topped the list, accounting for 21.09 per cent of the net additions. Industry-wise data shows significant growth in sectors such as education, finance and services, with around 40.70 per cent of the net membership additions coming from specialised services such as manpower supply and security services.
The EPFO publishes monthly payroll data from April 2018, covering the period from September 2017 onwards. The data is provisional and is continuously updated as employee records are refined.
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