EPFO Records Highest-Ever Addition of 18.92 Lakh Net Members in April 2024
By MONEYCONTROL NEWS
June 20, 2024 / 04:57 PM IST
The Employees' Provident Fund Organisation (EPFO) achieved a significant milestone in April 2024, recording the highest-ever net addition of 18.92 lakh members. This marks a historic achievement since the first payroll data was published in April 2018.
Key Highlights:
- Net Member Addition: 18.92 lakh members were added on a net basis in April 2024.
- First-Time Enrollments: Out of these, 8.87 lakh members enrolled with EPFO for the first time.
- Youth Workforce: The 18-25 age group constituted 55.50% of the total new members, highlighting the influx of young, first-time job seekers into the organized workforce.
- Gender Analysis: Approximately 2.49 lakh of the new members are female. The net female member addition for the month stood at around 3.91 lakh.
- Job Transitions: About 14.53 lakh members exited and subsequently rejoined EPFO, indicating job switches and transfers of accumulations instead of final settlements.
Growth Metrics:
- Monthly Increase: There was a 31.29% increase in net member additions compared to March 2024.
- Yearly Growth: A 10% growth in net member additions was observed compared to April 2023.
Factors Contributing to the Surge:
- Employment Opportunities: Increased job opportunities have played a significant role.
- Awareness: Growing awareness of employee benefits.
- EPFO Outreach: Effective outreach programs by EPFO.
State-wise Data:
- The highest net member addition was recorded in Maharashtra, followed by Karnataka, Tamil Nadu, Gujarat, and Haryana. Maharashtra alone contributed 20.42% of the net member additions during the month.
Data Dynamics:
- Provisional Nature: The payroll data is provisional as updating employee records is a continuous process.
- Historical Data: EPFO has been releasing payroll data monthly since April 2018, covering records from September 2017 onwards.
Future Outlook:
The EPFO's consistent efforts to expand its reach and improve services are likely to sustain the positive trend in member additions, supporting the organized workforce's growth and stability.
For further details, visit the original article on Moneycontrol.
Tags: #EPFO #EPFOData #Employment #Workforce #PayrollData #YouthEmployment #GenderAnalysis
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