The provisional payroll data for August 2024 released by the Employees’ Provident Fund Organisation (EPFO) indicates a net increase of 18.53 lakh members during the month. This figure reflects a 9.07 percent growth compared to August 2023, highlighting growing employment opportunities and increased awareness of employee benefits, supported by EPFO’s effective outreach campaigns.
In August 2024, EPFO registered approximately 9.30 lakh, new members, marking a 0.48 percent rise compared to August 2023. The increase in new enrollments is largely due to the expanding job market, enhanced awareness of employee welfare benefits, and EPFO’s strategic outreach initiatives.
A notable trend is the dominance of the 18-25 age group, which comprises 59.26 percent of the total new members added in August 2024. The net payroll data for this age group stood at 8.06 lakh for the same month, aligning with previous trends that indicate most new members are young first-time job seekers.
Furthermore, the payroll data shows that approximately 13.54 lakh members left and later rejoined EPFO, indicating a year-on-year growth of 14.03 percent compared to August 2023. These members switched jobs and rejoined EPFO-covered organisations, opting to transfer their existing provident funds rather than settle them, thereby securing long-term financial health and ensuring continued social security protection.
Analysing the gender-specific payroll data, around 2.53 lakh new female members were added in August 2024, reflecting a 3.75 percent growth compared to August 2023. The net addition of female members was around 3.79 lakh, representing a 10.41 percent year-on-year growth.
A state-wise breakdown reveals that the top five states/UTs contributed about 59.17 percent of the total net member additions, collectively adding roughly 10.97 lakh members. Maharashtra led with a contribution of 20.59 percent of the net additions. Other states/UTs such as Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana, and Uttar Pradesh also added over 5 percent of the total members.
Industry-wise analysis reveals significant growth among workers in sectors such as trading and commercial establishments, engineering contractors, building and construction, agricultural farms, and beedi making. Approximately 40.36 percent of the total net membership additions came from expert services, which include manpower suppliers, contractors, security services, and other miscellaneous activities.
