EPFO added 18.53 lakh members in August

New Delhi| The Employees’ Provident Fund Organization (EPFO) said it has added a net 18.53 lakh members in the month of August. It has recorded an increase of 9.07 percent on an annual basis compared to August 2023.

EPFO has registered around 9.30 lakh new members in August, which is 0.48 per cent more than the new members added in August 2023 last year. The Ministry of Labor and Employment said, the addition of more members to EPFO is a symbol of increased employment opportunities and increasing awareness about employee benefits, which is driven by the effective outreach initiatives of EPFO.

The ministry said that 59.26 percent of the new members who joined in August 2024 are between the ages of 18 and 25. Net payroll data for the 18-25 age group for August 2024 is 8.06 lakh. The ministry further said that this trend shows that most of the people joining the organized workforce are youth, who have mainly got jobs for the first time.

In August 2024, 13.54 lakh members have exited and rejoined EPFO. This number is 14 percent higher than in August 2023. EPFO has added around 2.53 lakh new women members and has increased by 3.75 per cent on an annual basis. During this period, the number of women members in net terms increased by approximately 3.79 lakh. The contribution to net member growth in the top five States/UTs is approximately 59.17 per cent. Maharashtra was at the top with a share of 20.59 percent. This is followed by Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana and Uttar Pradesh.