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EPFO adds 19.29 lakh members in June as employment rises
EPFO has added 19.29 lakh net members in June this year, which represents a 7.86 per cent increase over the same month last year, reflecting an increase in employment, a growing awareness of employee benefits, and the effectiveness of the organisation's outreach programmes, as per data from the Ministry of Labour and Employment.
New Delhi: EPFO has added 19.29 lakh net members in June this year, which represents a 7.86 per cent increase over the same month last year, reflecting an increase in employment, a growing awareness of employee benefits, and the effectiveness of the organisation's outreach programmes, as per data from the Ministry of Labour and Employment.
The data indicates that around 10.25 lakh new members have enrolled during June 2024. There is an increase of 4.08 per cent in the new members from the previous month of May 2024 and a 1.05 per cent increase from the previous year June 2023.
A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 59.14 per cent of the total new members added in June 2024. This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers, the official statement said.
The payroll data also highlights that approximately 14.15 lakh members exited and subsequently rejoined EPFO. This figure depicts year-over-year growth of 11.79 per cent compared to June 2023. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.
Gender-wise analysis of payroll data unveils that of the total new members added during the month, around 2.98 lakh are new female members. This figure shows a year-on-year growth of 5.88 per cent compared to June 2023. Also, the net female member addition during the month stood at around 4.28 lakh reflecting year-over-year growth of 8.91 per cent compared to June 2023. The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce, the official statement added.
State-wise analysis of payroll data denotes that net member addition is highest in Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. These states constitute around 61.16 per cent of net member addition, adding a total of 11.8 lakh net members during the month. Of all the states, Maharashtra is leading by adding 21.09 per cent of net members during the month.
Month-on-month comparison of industry-wise data displays significant growth in the members working in establishments engaged in the industries viz University, college, school. etc., Financing establishment, General insurance, societies clubs or associations, Electronic media companies in the private sector etc. Of the total net membership, around 40.70 per cent addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).
The payroll data is provisional since the data generation is a continuous exercise, as updating employee records is a continuous process. The previous data gets updated every month, the official statement added.
