The Employees’ Provident Fund Organisation (EPFO) has reported a significant net addition of 18.53 lakh members in August 2024, marking a 9.07% year-on-year increase compared to the same month in 2023.
This growth reflects the rising employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives.
Surge in New EPFO Memberships
In August 2024, EPFO enrolled approximately 9.30 lakh new members, representing a 0.48% increase from August 2023.
This surge in new memberships can be attributed to the growing employment opportunities and increased awareness of employee benefits.
EPFO’s successful outreach programs have played a crucial role in this growth, ensuring that more employees are aware of the benefits of enrolling in the provident fund scheme.
A significant portion of the new members added in August 2024 were young adults aged 18-25, who constituted 59.26% of the total new members.
This trend indicates that most individuals joining the organized workforce are first-time job seekers.
The net payroll data for this age group in August 2024 was 8.06 lakh, reflecting the ongoing trend of youth entering the formal sector.
Rejoining Members and Growth in Female Membership
The payroll data also highlighted that approximately 13.54 lakh members exited and subsequently rejoined EPFO in August 2024.
This figure depicts a year-over-year growth of 14.03% compared to August 2023.
These members switched their jobs and re-joined establishments covered under the ambit of EPFO, opting to transfer their accumulations instead of applying for final settlement.
This trend safeguards long-term financial well-being and extends social security protection for these employees.
Gender-wise analysis of the payroll data reveals that around 2.53 lakh new female members were added in August 2024, showing a year-over-year growth of 3.75% compared to August 2023.
The net female member addition during the month stood at around 3.79 lakh, reflecting a year-over-year growth of 10.41%.
This surge in female member additions indicates a broader shift towards a more inclusive and diverse workforce.
EPFO Data: State-wise Contribution and Industry-wise Trends
State-wise analysis of the payroll data shows that the top five states/UTs contributed around 59.17% of the net member addition, adding a total of approximately 10.97 lakh net members during the month.
Maharashtra led the way, adding 20.59% of the net members during August 2024.
Other states such as Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana, and Uttar Pradesh also made significant contributions, each adding more than 5% of the total net members during the month.
Industry-wise data for August 2024 shows significant growth in members working in establishments.
These members are engaged in various sectors such as trading, engineering, and construction.
Additionally, there has been notable growth in sectors like agriculture and beedi making.
Of the total net membership, around 40.36% addition came from expert services.
This is inclusive of manpower suppliers, normal contractors, security services, and miscellaneous activities.
Wrapping Up!
The net addition of 18.53 lakh members in Aug 2024 is a positive indicator of growing employment opportunities in India.
It also reflects increased awareness of employee benefits among the workforce.
The significant contributions from young adults, rejoining members, and female members highlight the inclusive growth in the workforce.
The state-wise and industry-wise trends further underscore the diverse and widespread nature of this growth.
As EPFO continues its outreach and awareness programs, it is expected that these positive trends will continue.
This will contribute to the overall economic and social security landscape of the country.
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