The Employees’ Provident Fund Organisation (EPFO) added a record 19.50 lakh net members in May 2024, the highest since it began releasing payroll data in April 2018. This marks a 19.62% increase compared to May 2023.
Out of the total new additions, 9.85 lakh were new members, reflecting a 10.96% increase from April 2024 and an 11.5% increase from May 2023. A significant portion of these new members, over 58%, belong to the 18-25 age group, highlighting the influx of young workers into the organized workforce.
In addition, 14.09 lakh members who had exited EPFO rejoined in May 2024, a 23.47% increase from the previous year. This trend suggests that many workers are transferring their provident fund accounts when switching jobs instead of withdrawing their savings, which helps secure their long-term financial stability.
The data also shows a rise in female participation, with 2.48 lakh new female members added in May 2024, a 12.15% increase from May 2023. Overall, the net addition of female members was 3.69 lakh, showing a 17.24% year-over-year growth, indicating a positive shift towards a more inclusive workforce.
State-wise, Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana led the net member additions, contributing 58.24% of the total, with Maharashtra alone accounting for 18.87%.
Industries that saw significant growth in membership include expert services, building and construction, garment making, textiles, engineering, trading, and electronic media. Expert services, including manpower suppliers and security services, made up 42.33% of the new members.
EPFO’s payroll data is continuously updated as employee records are revised. Since April 2018, EPFO has been releasing monthly payroll data, starting from September 2017. The data includes new members joining EPFO with Aadhaar-validated Universal Account Numbers (UAN), existing members exiting, and those who rejoin, to determine the net monthly payroll.