The Employees Provident Fund Organization (EPFO) recorded a 9.07 per cent rise in net addition of new members, totaling 18.53 lakh in August compared to the previous year, according to data from payroll published on Sunday. In August 2024, around 9.30 lakh new members were enrolled, an increase of 0.48 per cent from August 2023, the labor ministry said.
Factors Driving Membership Growth
This increase in new memberships is attributed to improved employment opportunities, increased awareness of employee benefits and the effectiveness of EPFO’s outreach initiatives. Provisional payroll data for August 2024 indicates a net addition of 18.53 lakh members, reflecting a year-on-year growth of 9.07 per cent. -year. Notably, people between 18 and 25 years of age accounted for 59.26 per cent of the total new member additions, with 8.06 lakh in that age group. This trend aligns with previous data, which shows that many of the new entrants to the organized workforce are young, primarily first-timers. job seekers. The payroll figures also reveal that around 13.54 lakh members left and later rejoined the EPFO, representing a year-on-year increase of 14.03 per cent. These people changed jobs and rejoined EPFO-covered establishments, opting to transfer their accruals instead of settling their accounts, thereby improving their long-term financial security and social protection. Looking at the gender demographics, around 2.53 lakh new members were women, showing a year-on-year growth of 3.75 per cent. The net addition of female members during the month was around 3.79 lakh, reflecting a strong year-on-year increase of 10.41 per cent. This growth in female membership suggests a shift toward a more inclusive and diverse workforce.
Top States Drive Membership Growth
The state analysis indicates that the top five states and Union territories contributed around 59.17 per cent of the total net member additions, accounting for approximately 10.97 lakh new members in August. Maharashtra led the way, contributing 20.59 per cent of the total net additions for the month. Additionally, states like Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana and Uttar Pradesh each contributed more than 5 per cent of the net total. membership growth during this period. On the industry front, there was significant membership growth in sectors such as trading, engineering contracting, construction, agriculture and Beedi manufacturing. Notably, 40.36 percent of net membership growth came from expert services, including labor providers and security services.
It should be noted that payroll data is provisional, as employee records are continually updated. The monthly payroll count considers new members joining through Aadhaar validated Universal Account Numbers (UAN), existing members exiting EPFO coverage and those rejoining after a gap in the membership.
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