EPFO Sees Significant Member Growth with Surge in Youth and Female Workforce

The EPFO registered a net addition of 19.29 lakh members in June 2024, with major growth in the 18-25 age group and a notable increase in female membership. The surge is attributed to heightened employment opportunities, awareness of employee benefits, and effective outreach programs. Maharashtra leads in state-wise member additions.

Retirement fund body EPFO registered a net addition of 19.29 lakh members in June 2024, the Labour Ministry announced Tuesday.

The ministry's year-over-year analysis revealed a 7.86 percent growth in net member additions compared to June 2023.

Contributing factors include increased employment opportunities, greater awareness of employee benefits, and successful EPFO outreach programs, it noted.

The data shows 10.25 lakh new members were enrolled in June 2024, a 4.08 percent increase from May 2024 and a 1.05 percent rise from June 2023.

Significantly, the 18-25 age group made up 59.14 percent of the total new members added in June 2024.

This correlates with trends indicating most new entrants to the organized workforce are young, primarily first-time job seekers.

The payroll data also highlights around 14.15 lakh members exited and subsequently re-joined EPFO, showing an 11.79 percent year-on-year growth compared to June 2023.

These members, by opting to transfer their accumulations instead of settling, contributed to long-term financial security and expanded social protection.

Gender-wise, approximately 2.98 lakh new female members joined in June 2024, exhibiting a 5.88 percent year-on-year growth. Net female member addition for the month stood at 4.28 lakh, reflecting an 8.91 percent annual growth. This indicates a shift towards a more inclusive and diverse workforce.

State-wise analytics show Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana had the highest net member additions, constituting 61.16 percent of the total. Maharashtra led by adding 21.09 percent of net members for the month.