Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya, unveiled the Employees’ Provident Fund Organisation (EPFO)’s provisional payroll data for the month of July 2024.
This release marks a historic milestone, as it represents the highest recorded increase in net members since payroll data tracking began in April 2018.
Overall EPFO Membership Growth and Rejoining Members
During July 2024, EPFO added a staggering 10.52 lakh new members, signifying a 2.66% increase over June 2024 and a 2.43% rise compared to the same month in 2023.
This surge in new memberships can be attributed to several factors, including growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs.
Approximately 14.65 lakh members who had previously exited the system rejoined EPFO in July. This figure represents a remarkable 15.25% year-over-year increase.
These returning members opted to transfer their provident fund accumulations rather than withdrawing them, thereby ensuring their long-term financial security.
Growth in Female and Group 18-25 Membership
The most significant growth was observed in the 18-25 age group, which saw a remarkable 8.77 lakh net additions in July 2024. This demographic now constitutes a whopping 59.41% of all new members added during the month.
The trend of young people, predominantly first-time job seekers, entering the organized workforce continues to shape India’s employment landscape.
July 2024 witnessed a notable shift towards a more inclusive workforce, with around 3.05 lakh new female members joining EPFO. This reflects a year-over-year growth of 10.94%.
In total, 4.41 lakh net female members were added, marking the highest monthly addition for women since payroll tracking began. This positive trend underscores the importance of gender diversity in the workforce.
EPFO Data: State-wise Contribution
The states of Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat accounted for a substantial 59.27% of the total net member additions in July 2024.
Maharashtra led the pack among the States/Union Territories, contributing 20.21% of the total new members. These regional variations highlight the diverse economic activities across different parts of the country.
Several sectors witnessed significant membership growth. Notably, manufacturing, computer services, construction, engineering, banking (non-nationalized), and private sector electronic media all contributed to the overall increase.
Interestingly, expert services—encompassing manpower suppliers, contractors, and security services—accounted for 38.91% of net additions during the month.
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