EPFO adds record high 19.94 lakh net members in July
The Employees’ Provident Fund Organisation (EPFO) added 19.94 lakh net members in July 2024, representing the highest increase recorded since payroll data tracking commenced in April 2018. EPFO witnessed a 2.6% rise in monthly new subscribers in July 2024, reaching 10.52 lakh compared to 10.2 lakh in June 2024, according to the latest data released on Monday. This rise in new memberships can be attributed to expanding employment opportunities, heightened awareness of employee benefits, and the outreach programs implemented by EPFO. The Union Minister of Labour & Employment and Youth Affairs & Sports released EPFO’s provisional payroll data of July 2024 today.
Of the 10.52 lakh new EPFO subscribers in July, 59.41% (6,24,993) were in the 18-25 age group, slightly up from 59.1% (6,06,000) in June 2024. This age group is often entering the workforce for the first time. “The highest growth was observed in the 18-25 age group, with 8.77 lakh net additions in July 2024.”
Additionally, it was reported that women accounted for 3,05,000 of new subscribers, reflecting a year-over-year (YoY) growth of 10.94%. A total of 4.41 lakh net female members were added, marking it as the highest monthly increase for women since payroll tracking began, reflecting a 14.41% rise compared to July 2023. This data is considered crucial as it reflects the status of the formal workforce, which enjoys social security benefits and labour law protection.
Industry-wise data revealed that 38.91% of net additions came from expert services, including manpower suppliers, contractors, and security services, among others.
Members who rejoined EPFO in July totaled approximately 14.65 lakh, reflecting a 15.25% increase compared to the previous year. These individuals opted to transfer their provident fund accumulations rather than withdraw them, it adds.
The state-wise data shows that Maharashtra led among the states and union territories, contributing 20.21% of the total new members added in July 2024. Together, Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat accounted for 59.27% of the overall net member additions, collectively adding 11.82 lakh members.
However, the net payroll figures are provisional and subject to significant revisions the following month.
Recently, the EPFO issued a circular detailing the allocation of funds for employee welfare activities for the year 2024-25. According to the circular, the total budget for these activities is ₹13.10 crore, with ₹74.37 lakh designated specifically for holiday homes.