EPFO Adds 18.53 Lakh Net Members In August, Sees 9% YoY Growth

The Employees’ Provident Fund Organisation (EPFO) reported a significant rise in net member additions for August, enrolling 18.53 lakh members, a 9.07% year-on-year (YoY) increase compared to August 2023. Of this, 9.30 lakh were new members, marking a 0.48% growth in new enrollments from the previous year.

The Ministry of Labour and Employment credited this increase to rising employment opportunities, greater awareness of employee benefits, and the EPFO’s effective outreach initiatives.

Youth Lead the Way

A dominant portion of the new enrollments, 59.26%, came from the 18-25 age group, reflecting a growing number of young workers entering the organized sector. The net payroll data for this age group stood at 8.06 lakh for the month. The ministry noted that these figures align with the trend of first-time job seekers joining the workforce.

Surge in Female Workforce

Female members also showed a notable rise, with 2.53 lakh new enrollments, reflecting a 3.75% YoY increase. Net female member additions reached 3.79 lakh, signaling a shift towards a more inclusive and diverse workforce. Additionally, 13.54 lakh members rejoined the EPFO, indicating a 14.03% YoY growth.

Top states such as Maharashtra, Karnataka, Tamil Nadu, and Haryana contributed 59.17% of the net member additions, with Maharashtra alone accounting for 20.59%.

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