Retirement fund body EPFO ​​records net additions of nearly 20 lakh in July; get key takeaways from the latest data

Retirement fund body EPFO ​​recorded a net addition of 19.94 lakh members in July this year, the labour ministry said on Monday. Union Labour Minister Mansukh Mandaviya said at a press conference that 10.52 lakh workers were new or enrolled for the first time in the social security schemes run by the Employees’ Provident Fund Organisation (EPFO).

The minister said that in July this year, a net addition of nearly 20 lakh new members (19.94 lakh) was recorded.

It also reported that 8.77 lakh members added in July are in the age group of 18 to 25 years.

According to the latest data, nearly 6.25 lakh members aged between 18 and 25 are new or newly recruited workers.

Around 59.4 percent of new employees belong to the age group of 18 to 25 years.

Data shows that youth employment has increased.

He also informed that 441,000 women joined the EPFO ​​in July, which includes 305,000 new recruits. The minister noted that female employment has also increased.

A Ministry of Labour statement said EPFO ​​added 10.52 lakh new members in July 2024, which is an increase of 2.66 per cent over June 2024 and an increase of 2.43 per cent over July 2023.

This surge in new memberships can be attributed to increasing employment opportunities, heightened awareness of employee benefits and EPFO’s successful outreach programmes, he said.

According to the statement, around 14.65 lakh members who had left the scheme rejoined EPFO ​​in July.

This figure represents a year-on-year increase of 15.25 percent. These members chose to transfer their provident fund accumulations instead of withdrawing them, thereby maintaining their long-term financial security.

The ministry said the highest growth was seen in the 18-25 age group, with 8.77 lakh net additions by July 2024.

This marks the largest increase for this demographic on record and reflects the continuing trend of young people, mostly first-time job seekers, entering the organized workforce.

This age group represents 59.41 percent of all new members added during the month.

It also stated that around 3.05 lakh new women have joined EPFO ​​by July 2024, reflecting a year-on-year growth of 10.94 per cent.

In total, 4.41 lakh net female members were added, marking the highest monthly addition of women since payroll tracking began, with an increase of 14.41 per cent compared to July 2023.

This indicates a shift towards a more inclusive workforce with increasing female participation.

Maharashtra, Karnataka, Tamil Nadu, Haryana and Gujarat accounted for 59.27 per cent of the total net new membership additions in July 2024, together totalling 11.82 lakh members. Maharashtra led among the states and Union Territories, contributing 20.21 per cent of the total new members.

Significant growth in membership was seen in sectors such as manufacturing, IT services, construction, engineering, banking (not nationalised) and private sector electronic media, he said.

It is noteworthy that 38.91 percent of the net additions came from expert services, including labor providers, contractors, and security services, among others.

Payroll data is provisional as data generation is an ongoing exercise, just as updating employee records is an ongoing process.
The above data is updated monthly.

Since April 2018, EPFO ​​has been publishing payroll data covering the period from September 2017 onwards.

In the monthly payroll data, the count of members joining EPFO ​​for the first time through Aadhaar-validated Universal Account Number (UAN), existing members exiting EPFO ​​coverage and those who exited but rejoined as members is taken to arrive at the net monthly payroll.