EPFO Adds 18.53 Lakh Net Members in August 2024, Youth Aged 18-25 Make Up 59 Per Cent Of New Joiners

EPFO Members In 2024: The Employees' Provident Fund Organisation (EPFO) announced on Sunday that it added 18.53 lakh net members in August 2024, reflecting a 9.07% year-on-year growth compared to August 2023.

In August, the EPFO registered approximately 9.30 lakh new members, marking a 0.48% increase compared to the same period in 2023.

This growth highlights rising employment opportunities and greater awareness of employee benefits, strengthened by EPFO’s proactive outreach efforts, according to the Ministry of Labour and Employment.

The increase in new memberships is attributed to expanding job opportunities, enhanced awareness of employee benefits, and the success of EPFO’s outreach programs.

The ministry noted that the 18-25 age group dominated the new enrollments, accounting for 59.26% of the total members added in August 2024. In addition, the net payroll data for the age group 18-25 for August 2024 is 8.06 lakh.

"This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers," said the ministry.

Approximately 13.54 lakh members exited and subsequently rejoined the EPFO - a YoY growth of 14.03 per cent compared to August 2023. The EPFO added around 2.53 lakh new female members - a year-over-year growth of 3.75 per cent.

Also, the net female member addition during the month stood at around 3.79 lakh. The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.

Top five states/UTs constitute around 59.17 per cent of net member addition, adding a total around 10.97 lakh net members during the month. Of all the states, Maharashtra led by adding 20.59 per cent of net members. 

Maharashtra, Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana, and Uttar Pradesh individually added more than 5 per cent of the total net members during the month. (With IANS Inputs)