The Employees’ Provident Fund Organisation (EPFO) has witnessed a significant surge in net member additions during June 2024. This growth reflects both increased employment opportunities and the effectiveness of EPFO’s outreach programs.
Key Findings from EPFO
Total Net Members Added: In June 2024, EPFO added a remarkable 19.29 lakh net members, marking a substantial increase compared to previous months.
Year-on-Year Growth: The year-over-year analysis reveals a robust growth rate of 7.86% in net member additions compared to June 2023.
Youth Dominance: Notably, the 18-25 age group constitutes a significant 59.14% of the total new members added in June 2024. This trend aligns with the broader pattern of youth entering the organized workforce as first-time job seekers.
Exits and Rejoins: Approximately 14.15 lakh members exited and subsequently rejoined EPFO during the month. This figure represents a year-over-year growth of 11.79% compared to June 2023. These members chose to transfer their accumulations rather than opting for final settlement, thereby safeguarding their long-term financial well-being and extending social security protection.
Female Members: Gender-wise analysis reveals that around 2.98 lakh new female members joined EPFO in June 2024, reflecting a 5.88% increase from the previous year. The net female member addition during the month stood at approximately 4.28 lakh, indicating an 8.91% year-on-year growth. This surge underscores a positive shift toward a more inclusive and diverse workforce.
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State-wise Trends & Industry Insights
Top Contributors: Among states and union territories, Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana lead in net member addition, constituting around 61.16% of the total growth during the month. Maharashtra, in particular, stands out by adding 21.09% of net members.
Expert Services: Industry-wise data shows significant growth in members working in establishments engaged in expert services (including manpower suppliers, normal contractors, security services, and miscellaneous activities). Around 40.70% of the total net membership addition comes from this sector.
Concluding Thoughts
The EPFO’s robust performance in June 2024 reflects a dynamic workforce landscape. As more individuals join the organized sector, the organization’s role in ensuring social security and financial stability becomes increasingly crucial.
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