EPFO Sees Record 19.50 Lakh Net Additions in May 2024

The Employees' Provident Fund Organisation (EPFO) recorded a net addition of 19.50 lakh members in May 2024, with 9.85 lakh new members. This marks the highest increase in new additions since April 2018, driven by increased employment opportunities and better awareness of employee benefits.

The Employees' Provident Fund Organisation (EPFO) reported a net membership growth of 19.50 lakh in May 2024, according to the Union Ministry of Labour and Employment's announcement on Saturday. This includes an unprecedented 9.85 lakh new additions, the highest since the initial payroll data was released in April 2018.

Data reveals that May saw a 10.96% rise in new members compared to April 2024 and an 11.5% increase from May 2023. Over the year, net member additions surged by 19.62%. The rise is attributed to greater employment opportunities, enhanced awareness of employee benefits, and the success of EPFO's outreach initiatives. Notably, workers aged 18-25 accounted for 58.37% of new members, highlighting a trend of young, first-time job seekers entering the organized workforce.

The May 2024 payroll data also highlights that around 14.09 lakh members exited and re-joined EPFO, marking a 23.47% year-over-year growth. These members opted to transfer their accumulations rather than settle, thus maintaining long-term financial security. Though the addition of female members stood at 2.48 lakh, a slight decrease from April, there was a 12.15% increase year-over-year, reflecting a shift towards a more inclusive workforce.

Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana led in net member additions, accounting for 58.24% of the total. Maharashtra alone saw an 18.87% increase. The highest membership growth was observed in industries like expert services, construction, textiles, and electronic media, with the expert services sector alone contributing 42.33% of net additions, according to EPFO.