The Employees’ Provident Fund Organization (EPFO) released provisional payroll data on 20 June 2024, indicating the addition of 1.892 million net members in April 2024. This figure marks the highest monthly increase since payroll data collection began in April 2018. The net member additions in April 2024 rose by 31.29 percent compared to March 2024.
Year-on-year, there is a 10 percent increase in net member additions compared to April 2023. This growth is attributed to factors such as more employment opportunities, greater awareness of employee benefits, and effective EPFO outreach programs.
In April 2024, approximately 0.887 million new members joined, with the 18-25 age group accounting for 55.50 percent of these new additions. This trend aligns with previous data showing that young individuals, particularly first-time job seekers, dominate new entries into the organised workforce.
The payroll data also reveals that around 1.453 million members exited and rejoined the EPFO in April 2024, a 23.15 percent increase from March 2024. These members changed jobs and transferred their EPFO accumulations rather than opting for final settlements, ensuring long-term financial security and extended social protection.
Gender analysis shows that out of the 0.887 million new members, approximately 0.249 million were female. The net addition of female members in April 2024 was about 0.391 million, a 35.06 percent increase from March 2024. This increase indicates a shift towards a more inclusive and diverse workforce.
A state-wise breakdown shows that Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana led in net member additions, accounting for 58.30 percent of the total, with a combined addition of 1.103 million net members in April 2024. Maharashtra alone contributed 20.42 percent of the net additions.
