The Employees’ Provident Fund Organisation (EPFO) released its provisional data for June 2024, revealing that it added 10.25 lakh net new members during the month.
EPFO has added 19.29 lakh net members in June 2024 as per the provisional data released on August 20. The data indicates that around 10.25 lakh new members have enrolled during June 2024. There is an increase of 4.08% in the new members as compared to May 2024 and a 1.05% increase from June 2023.
The data analysis shows that the 18-25 age group, constitutes a significant 59.14% of the total new members added in June 2024.
Thanks to increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs that led to a growth of 7.86% in net member additions compared to June 2023.
The payroll data also highlights that approximately 14.15 lakh members exited and rejoined EPFO after a job change. This figure depicts year-over-year growth of 11.79% compared to June 2023.
A gender-wise analysis of payroll data unveils that out of new members added during the month, around 2.98 lakh are new female members. This figure exhibits year-over-year growth of 5.88% compared to June 2023. Also, the net female member addition during the month stood at around 4.28 lakh reflecting year-over-year growth of 8.91% compared to June 2023. The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.
State-wise analysis of payroll data denotes that net member addition is highest in the five states/ UTs of Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. These states constitute around 61.16% of net member addition, adding a total of 11.8 lakh net members during the month. Of all the states, Maharashtra is leading by adding 21.09% of net members during the month.
Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in the industries viz University, college, school. etc., Schools, Financing establishments, General insurance, Colleges, Societies clubs or associations, Universities, Electronic media companies in the private sector etc. Of the total net membership, around 40.70% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).