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

The Employee Provident Fund Organization, India's retirement fund body recorded 19.50 lakh net addition of members in May 2024, reported PTI quoting the Ministry of Labour and Employment on Saturday, July 19.

The data on the addition of new members into EPFO is at its highest since April 2018, when the first payroll data was issued. The Ministry highlighted a 19.62 per cent year-on-year growth in the net member additions in May 2024, as compared to that of May 2023, as per the report.

The rise in the addition of members is fueled by factors like employment opportunities, rising awareness for employee opportunities, and the EPFO's reach through their programmes, said the Ministry according to the report.

According to the data, 9.85 lakh new members have been added to the EPFO in May 2024, as per the report. The enrollments have seen a 10.96 per cent increase from the previous month, April 2024.

The report also stated that the data showed people falling between the age group of 18 to 25 years dominated the new additions with a 58.37 per cent weightage showing that the new joiners are first-time job seekers, a youth workforce.

The payroll data shows a 23.47 per cent year-on-year growth at 14.09 lakh members exiting and rejoining the EPFO, according to the report. The members who changed their jobs or re-joined the companies under the EPFO ambit opted for securing long-term financial well-being and social security protection.

Out of the total members in the payroll data, 2.48 lakh members were female marking an increase of 12.15 per cent year-on-year, as per the report. The net female addition of May 2024 was at 3.69 lakh. The increase in female addition to the workforce shows the increasing diversity of the corporates.

Maharashtra led the cue followed by Karnataka, Tamil Nadu, Gujarat, and Haryana, making them the five states which saw the highest net addition figure in the state-wise payroll data, they make up 58.24 per cent of the net members addition according to the report.