The Union Minister of Labour & Employment and Youth Affairs & Sports shared some exciting news about the Employee Provident Fund Organisation (EPFO) in New Delhi. He revealed that EPFO added 19.94 lakh new members in July 2024, the highest growth recorded since payroll data tracking started in April 2018. This is a significant step in improving job opportunities and securing the financial future of workers in India.
Membership Growth in EPFO
In July 2024, EPFO welcomed 10.52 lakh new members. This number is 2.66% higher than in June 2024 and a 2.43% rise from July 2023. This increase shows how more people are getting jobs and understanding the benefits of saving through EPFO.
Rejoining Members Increase
Many people who had left the EPFO system came back in July 2024. Around 14.65 lakh members rejoined. This is 15.25% more than the same time last year. These members chose to transfer their funds to continue saving, which helps secure their financial future.
Young Workers Lead Membership Growth
The largest group of new EPFO members comes from the 18-25 age group, with 8.77 lakh young people joining in July 2024. This shows that more young people, especially those starting their first jobs, are entering the formal workforce. This age group made up 59.41% of all new members.
More Women Join EPFO
In July 2024, 3.05 lakh new female members joined EPFO, marking a year-over-year growth of 10.94%. In total, 4.41 lakh women were added to the membership, which is the highest monthly addition for women ever. This is a positive sign for gender inclusion in the workforce, with more women securing financial benefits for their future.
State-wise Contributions
Five states—Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat—were responsible for 59.27% of the total new EPFO members. Maharashtra led the way, adding 20.21% of all new members in July.
Growth Across Different Industries
Membership growth was strong in industries like manufacturing, computer services, construction, engineering, banking (non-nationalized), and private electronic media. A large portion of the new members—38.91%—came from services like manpower suppliers, contractors, and security services.
Continuous Update of Payroll Data
The EPFO payroll data is constantly updated as new records are processed. Since April 2018, EPFO has been releasing payroll data every month. This data tracks new members who join through Aadhaar-validated Universal Account Numbers (UAN), members who leave, and those who rejoin.
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