Reetu | Oct 21, 2024 |
EPFO adds 18.53 Lakh Net Members During August 2024; Shows 9.07% YoY growth
The Employees’ Provident Fund Organisation (EPFO) has released provisional payroll data for August 2024, revealing a net addition of 18.53 lakh members in the month of August 2024.
This signifies a 9.07% year-on-year growth in comparison to August 2023, indicating enhanced job opportunities and increasing awareness of employee benefits, aided by EPFO‘s successful outreach programs.
EPFO enlisted around 9.30 lakh new members in August 2024, an increase of 0.48% over the previous year in August 2023. This growth in new memberships can be ascribed to expanding employment opportunities, increasing awareness of employee benefits, and EPFO’s successful outreach activities.
The data show that the 18-25 age group comprises 59.26% of all new members added in August 2024. In addition, the net payroll data for the 18-25 age group in August 2024 is 8.06 lakhs. This is consistent with previous trends, which show that the majority of people entering the organized workforce are young, mostly first-time job seekers.
According to payroll data, nearly 13.54 lakh members left EPFO and then rejoined. This number shows a 14.03% year-over-year increase from August 2023. These members changed occupations and re-joined businesses covered by EPFO, opting to transfer their accumulations rather than applying for final settlement, thereby protecting their long-term financial well-being and extending their social security benefits.
A gender-specific analysis of payroll data reveals that around 2.53 lakh of the new members acquired throughout the month are female. This number shows a 3.75% increase year on year compared to August 2023. Furthermore, the net female member addition for the month was approximately 3.79 lakh. It is a 10.41% year-over-year increase from August 2023. The increase in female member additions reflects a broader shift toward a more inclusive and diverse workforce.
According to a state-by-state analysis of payroll data, net member addition in the top five states/UTs constitutes approximately 59.17% of net member addition, totalling around 10.97 lakh net members during the month. Maharashtra leads all states in net membership growth, adding 20.59% this month. Maharashtra, Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana, and Uttar Pradesh all added more than 5% of total net members this month.
Month-on-month comparisons of industry-specific data show significant growth in members working in establishments engaged in the following industries: trading – commercial establishments, engineers – engineering contractors, building and construction industry, agriculture farms, beedi production, etc. Expert services (manpower suppliers, normal contractors, security services, miscellaneous activities etc.) contribute to approximately 40.36% of overall net membership growth.
The above payroll data is provisional since data generation is a continuous exercise, as updating employee records is a continuous process. The previous data gets updated every month. From the month of April 2018, EPFO has been releasing payroll data covering the period of October 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll.
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