 "EPFO")
Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana recorded the highest net member additions in June 2024
In June 2024, net formal job creation under the Employees’ Provident Fund Organisation (EPFO) reached 1.92 million, driven by increased employment opportunities, greater awareness of employee benefits, and successful outreach efforts by the EPFO, according to the Ministry of Labour and Employment.
The ministry’s payroll data release highlighted a year-on-year rise of 7.86 per cent in net new subscriber additions, with 1.78 million net new subscribers added in June 2023.
On a month-to-month basis, net new enrollments in June were slightly lower compared to May 2024, which saw 1.95 million new subscribers, marking the highest figure since EPFO payroll data began being computed in 2018, the ministry said.
The data indicates that approximately 1.02 million new members joined in June 2024, representing a 1.05 per cent increase from June 2023 and a 4.08 per cent rise from May 2024.
Notably, 59.14 per cent of the new members added in June 2024 were in the 18-25 age range, reflecting an ongoing trend where the majority of individuals entering the organised workforce are young, predominantly first-time job seekers.
The data also showed that about 1.41 million members exited and later re-joined the EPFO in June, marking an 11.7 per cent year-on-year increase compared to June 2023. These members typically changed jobs and opted to transfer their EPFO accumulations rather than withdraw them, thereby securing their long-term financial health and extending their social security coverage.
Rise in female workforce
A gender-wise analysis of the data revealed that around 298,000 of the new members in June were female, a 5.88 per cent increase from June 2023. Moreover, the net addition of female members saw an 8.9 per cent rise compared to June 2023, reaching around 428,000, suggesting a shift toward a more inclusive and diverse workforce.
Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana recorded the highest net member additions in June 2024. “These states constitute around 61.16 per cent of net member addition, adding a total of 1.18 million net members during the month. Of all the states, Maharashtra is leading by adding 21.09 per cent of net members during the month,” the ministry said.
The ministry noted significant growth in sectors such as education, finance, and services, based on industry-wise data comparisons. Around 40.70 per cent of the total net membership additions came from expert services, which include manpower suppliers, contractors, and security services, among other activities.
The payroll data is provisional, given that updating employee records is an ongoing process. EPFO has been releasing payroll data since April 2018, covering the period from September 2017 onward. The monthly payroll data accounts for members joining EPFO for the first time through Aadhaar-validated Universal Account Numbers (UAN), as well as existing members exiting and rejoining, to calculate net monthly payroll.
First Published: Aug 21 2024 | 4:21 PM IS