EPFO Sees Record Growth: The Employees' Provident Fund Organisation (EPFO) registered a net addition of 19.94 lakh members in July 2024, according to a statement from the Ministry of Labour and Employment on Monday. Union Labour Minister Mansukh Mandaviya, addressing a press conference, highlighted the surge in new enrollments and increased participation of first-time workers in the organised workforce.
According to the data, 10.52 lakh new members, or first-time subscribers, joined the social security schemes run by EPFO in July. Of this, 8.77 lakh members are in the 18-25 age group, with nearly 6.25 lakh being first-time job seekers. This age group accounted for 59.4 per cent of the new members, reflecting a notable rise in youth employment.
Minister Mandaviya also noted a positive trend in female employment, with 4.41 lakh net female members added to EPFO in July. This figure includes 3.05 lakh new female joinees. The growth marks a significant shift toward greater female participation in the workforce, with a 10.94 per cent year-over-year increase in female enrollments.
The ministry's statement revealed that the EPFO added 10.52 lakh new members in July, reflecting a 2.66 per cent increase compared to June 2024 and a 2.43 per cent rise compared to July 2023. This uptick in memberships is attributed to expanding employment opportunities, enhanced awareness of employee benefits, and successful outreach programs by EPFO.
Additionally, approximately 14.65 lakh members who had previously exited the system rejoined EPFO in July, opting to transfer their provident fund accumulations rather than withdraw them. This represents a 15.25 per cent year-over-year increase, demonstrating a growing preference for maintaining long-term financial security.
The highest growth was seen in the 18-25 age group, with 8.77 lakh net additions in July 2024, marking the largest increase for this demographic since records began. The data reflects a continued trend of young job seekers entering the organised workforce.
Geographically, Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat accounted for 59.27 per cent of total net member additions in July, collectively adding 11.82 lakh members. Maharashtra led the charge, contributing 20.21 per cent of the new members.
Sector-wise, significant growth was observed in manufacturing, computer services, construction, engineering, banking (non-nationalised), and private sector electronic media. Notably, 38.91 per cent of net additions came from expert services, including manpower suppliers, contractors, and security services.
The EPFO's payroll data, which has been published since April 2018, is provisional as the organisation continuously updates employee records. The monthly data reflects new members joining EPFO through Aadhaar-validated Universal Account Numbers (UAN), exits from coverage, and re-joining members, providing a comprehensive view of employment trends.