The Employees' Provident Fund Organisation (EPFO) witnessed a 9.07% increase in net new member additions, reaching 18.53 lakh in August 2024 compared to the previous year, according to payroll data released on Sunday. Out of these, around 9.30 lakh were first-time enrollments, marking a slight increase of 0.48% from August 2023. This growth is attributed to rising employment opportunities, enhanced awareness of employee benefits, and the success of EPFO's outreach programs.
The 18-25 age group made up the largest portion of new members, constituting 59.26% of the total additions, equivalent to 8.06 lakh members. This trend reflects the growing entry of young, first-time job seekers into the organized workforce. Notably, around 13.54 lakh members who had exited EPFO rejoined, indicating a year-over-year increase of 14.03%. These members opted to transfer their EPFO savings when switching jobs, rather than applying for settlement, thus ensuring continued social security protection.
Gender-wise, 2.53 lakh new female members were added in August, reflecting a year-on-year growth of 3.75%. The overall net addition of female members stood at 3.79 lakh, marking a 10.41% increase, signaling a positive shift towards a more inclusive workforce. State-wise, Maharashtra led the way, contributing 20.59% of net new members, followed by Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana, and Uttar Pradesh, each adding over 5% of total net members.
Industry-wise, significant growth was observed in sectors such as trading, engineering contractors, construction, agriculture, and Beedi making. Expert services, including manpower suppliers and security services, contributed 40.36% of total net member additions. The payroll data remains provisional as EPFO continues updating records. It tracks new enrollments, exits, and re-joins using Aadhaar-validated Universal Account Numbers (UAN).