EPFO adds 1.46 million members in March; youth, women drive growth

New Delhi: The Employees’ Provident Fund Organisation (EPFO), which manages retirement savings for salaried employees, reported a net addition of 1.46 million subscribers in March, with just over half being first-time enrollees, according to an official statement on Wednesday.

EPFO recorded 754,000 new member enrollments in March. Provisional data showed that net subscriber additions increased by 1.15% compared to March 2024, reflecting stronger employment opportunities and growing awareness of employee benefits, supported by EPFO’s outreach efforts.

New subscriptions in March rose 2.03% sequentially, and were up 0.98% year-on-year.

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The data also highlighted increased participation from women and young workers. Subscribers aged 18-25 dominated new enrollments, with 445,000 added in March, accounting for 58.94% of the total new subscribers. This age group’s additions grew 4.21% month-on-month and 4.73% year-on-year. The net payroll addition in this group, after accounting for exits, stood at 668,000, marking a 6.49% annual increase.

“This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers,” said EPFO.

Additionally, 1.32 million former members rejoined EPFO in March, a marginal 0.39% rise from February but a significant 12.17% year-on-year increase. EPFO noted these members switched jobs within EPFO-covered establishments and transferred their accumulations instead of seeking final settlements, safeguarding their long-term financial security and social protection.

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Female membership also saw growth, with 208,000 new female subscribers in March, up 4.18% year-on-year and 0.18% from February. Net female payroll addition reached around 292,000, a 0.78% increase compared to the previous year. EPFO said this reflects a broader shift toward a more inclusive and diverse workforce.

On the regional front, Maharashtra led job creation with 20.24% of net payroll additions in March. Tamil Nadu, Karnataka, Haryana, Gujarat, Delhi, Uttar Pradesh, and Telangana each contributed more than 5% to the total net additions.

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Sector-wise, net payroll growth was driven by restaurants, cement, general insurance, canteens, forwarding agencies, travel agencies, and hotels. Expert services, including manpower suppliers, contractors, security services, and miscellaneous activities, accounted for approximately 45.59% of total net payroll additions.