EPFO’s new subscribers increases 5.8% to 9.85 lakh during May

New Delhi: Retirement fund body EPFO's new subscriber additions increased by about 5.8% to 985,000 during May, compared with the previous month, according to a report by the ministry of statistics & programme implementation (MoSPI).

According to the report 'Payroll Reporting in India: An Employment Perspective May 2024', the Employees' Provident Fund Organisation (EPFO) recorded the addition of 737,000 men and 248,000 women as new members in May.

Also Read: EPFO member inflows up 19.6% YoY, hit record-high at 19.5 lakh in May 2024

A significant portion of the new members, representing about 59% of the additions, were young employees between the ages of 18 and 25.

Additionally, the payroll data showed that around 444,000 members had ceased subscribing to the EPFO during May.

Also Read: EPFO Pension Rules: 5 key things you need to know for financial security

Meanwhile, 1.4 million members exited the EPFO in May, only to rejoin within the same month.

About 28 million members paid during May for the Employees’ State Insurance (ESI) Scheme, while the number of newly registered employees under the scheme during the month stood at 1.7 million during the month, up from 1.2 million in April.

This overall surge in membership in May can be attributed to factors such as increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO outreach programmes.