MUMBAI: In May 2024, the Employees’ Provident Fund Organisation (EPFO) witnessed a remarkable surge in net member additions, with 19.50 lakh new members joining the organization.
This figure represents the highest monthly addition since the inception of payroll data reporting in April 2018. Compared to May 2023, the year-over-year growth in net member additions stands at an impressive 19.62%.Several factors, such as increased employment opportunities, heightened awareness of employee benefits, and the success of EPFO’s outreach initiatives, have contributed to this significant membership growth.
The data reveals that approximately 9.85 lakh new members enrolled in May 2024, marking a 10.96% increase from the previous month, April 2024, and an 11.5% rise compared to May 2023. Notably, the 18-25 age group continues to dominate the new member additions, accounting for a substantial 58.37% of the total new members in May 2024. This trend aligns with previous observations, indicating that the majority of individuals entering the organized workforce are young, often first-time job seekers. Moreover, the net payroll data for the 18-25 age group in May 2024 has reached an all-time high since the commencement of payroll data publication.
The payroll data also highlights that around 14.09 lakh members exited and subsequently re-joined EPFO, demonstrating a year-over-year growth of 23.47% compared to May 2023. These members changed their jobs and rejoined establishments covered by EPFO, choosing to transfer their accumulations rather than opting for final settlement. This decision safeguards their long-term financial well-being and extends their social security protection.
A gender-wise analysis of the payroll data reveals that among the new members added during the month, approximately 2.48 lakh are female. This figure represents a year-over-year growth of 12.15% compared to May 2023. Furthermore, the net female member addition for the month stood at around 3.69 lakh, reflecting a year-over-year growth of 17.24% compared to May 2023. The increase in female member additions points to a broader shift towards a more inclusive and diverse workforce.
A state-wise examination of the payroll data indicates that the highest net member addition occurred in five states/UTs: Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. These states collectively account for approximately 58.24% of the net member addition, contributing a total of 11.36 lakh net members during the month. Among all the states, Maharashtra takes the lead, adding 18.87% of the net members.
A month-on-month comparison of industry-wise data reveals significant growth in the number of members working in establishments engaged in various industries, including expert services, building and construction, garments making, textiles, electrical, mechanical, and general engineering products, engineering contractors, trading and commercial establishments, beedi making, and private sector electronic media companies. Expert services, which encompass manpower suppliers, normal contractors, security services, and miscellaneous activities, account for around 42.33% of the total net membership addition.
It is important to note that the payroll data presented above is provisional, as data generation is an ongoing process, and employee records are continuously updated. The previous data is revised every month. Since April 2018, EPFO has been releasing payroll data covering the period from September 2017 onwards. The monthly payroll data takes into account the count of members joining EPFO for the first time through Aadhaar-validated Universal Account Number (UAN), existing members exiting from EPFO coverage, and those who exited but re-joined as members to arrive at the net monthly payroll figures.
This figure represents the highest monthly addition since the inception of payroll data reporting in April 2018. Compared to May 2023, the year-over-year growth in net member additions stands at an impressive 19.62%.Several factors, such as increased employment opportunities, heightened awareness of employee benefits, and the success of EPFO’s outreach initiatives, have contributed to this significant membership growth.
The data reveals that approximately 9.85 lakh new members enrolled in May 2024, marking a 10.96% increase from the previous month, April 2024, and an 11.5% rise compared to May 2023. Notably, the 18-25 age group continues to dominate the new member additions, accounting for a substantial 58.37% of the total new members in May 2024. This trend aligns with previous observations, indicating that the majority of individuals entering the organized workforce are young, often first-time job seekers. Moreover, the net payroll data for the 18-25 age group in May 2024 has reached an all-time high since the commencement of payroll data publication.
The payroll data also highlights that around 14.09 lakh members exited and subsequently re-joined EPFO, demonstrating a year-over-year growth of 23.47% compared to May 2023. These members changed their jobs and rejoined establishments covered by EPFO, choosing to transfer their accumulations rather than opting for final settlement. This decision safeguards their long-term financial well-being and extends their social security protection.
A gender-wise analysis of the payroll data reveals that among the new members added during the month, approximately 2.48 lakh are female. This figure represents a year-over-year growth of 12.15% compared to May 2023. Furthermore, the net female member addition for the month stood at around 3.69 lakh, reflecting a year-over-year growth of 17.24% compared to May 2023. The increase in female member additions points to a broader shift towards a more inclusive and diverse workforce.
A state-wise examination of the payroll data indicates that the highest net member addition occurred in five states/UTs: Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. These states collectively account for approximately 58.24% of the net member addition, contributing a total of 11.36 lakh net members during the month. Among all the states, Maharashtra takes the lead, adding 18.87% of the net members.
A month-on-month comparison of industry-wise data reveals significant growth in the number of members working in establishments engaged in various industries, including expert services, building and construction, garments making, textiles, electrical, mechanical, and general engineering products, engineering contractors, trading and commercial establishments, beedi making, and private sector electronic media companies. Expert services, which encompass manpower suppliers, normal contractors, security services, and miscellaneous activities, account for around 42.33% of the total net membership addition.
It is important to note that the payroll data presented above is provisional, as data generation is an ongoing process, and employee records are continuously updated. The previous data is revised every month. Since April 2018, EPFO has been releasing payroll data covering the period from September 2017 onwards. The monthly payroll data takes into account the count of members joining EPFO for the first time through Aadhaar-validated Universal Account Number (UAN), existing members exiting from EPFO coverage, and those who exited but re-joined as members to arrive at the net monthly payroll figures.