EPFO net member additions up 31% to 18.92 lakh in April 2024

The Employees' Provident Fund Organisation (EPFO) recorded a 31.29% increase in net member additions, reaching 18.92 lakh net members in April 2024 compared to March 2024, according to the provisional payroll data released by the Ministry of Labour and Employment.

“The addition during the month is the highest since first payroll data was published in April 2018,” the ministry states in a release.

The data reveals that around 8,87,000 new members enrolled in April 2024, with 55.50% of these new members being in the 18-25 age group. This trend indicates that the majority of individuals joining the organised workforce are young, primarily first-time job seekers. The surge in membership is attributed to various factors, including increased employment opportunities, greater awareness of employee benefits, and the success of EPFO's outreach programs.

Furthermore, the payroll data reveals that approximately 14.53 lakh members departed and rejoined EPFO in April. These members switched jobs and chose to transfer their accumulations rather than opting for final settlement.

A gender-wise analysis of the payroll data shows that out of the 887,000 new members, around 249,000 are new females. The net addition of female members during the month was approximately 391,000, reflecting a 35.06% increase compared to March 2024, the release adds.

State-wise data indicates that the highest net member additions were in Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana, which together accounted for 58.30% of the total, adding 11.03 lakh net members during April.

A month-on-month comparison of industry-specific data shows growth in members working in sectors such as expert services, commercial trading establishments, electrical, mechanical, or general engineering products, engineering contractors, schools, and the building and construction industry, including universities, colleges, and schools. Approximately 41.41% of the total net membership addition comes from expert services, which include manpower suppliers, general contractors, security services, and various other activities.

From the month of April-2018, EPFO has been releasing payroll data covering the period September 2017 onwards.

In the monthly payroll data, the net monthly payroll is calculated by counting the number of members joining EPFO for the first time with an Aadhaar-validated Universal Account Number (UAN), the existing members leaving EPFO coverage, and those who have exited but rejoined as members.