EPFO records highest-ever addition of 19.94 lakh members in July, 3.05 lakh female members join workforce

The latest provisional EPFO data released on September 23 showed the government body added 19.94 lakh net members in July 2024 recording highest-ever addition in organised workforce since payroll data tracking began in April 2018. 

According to the government data, approximately 14.65 lakh members who had exited the system rejoined EPFO in July. This is a 15.25 percent year-over-year increase. These members opted to transfer their provident fund accumulations rather than withdraw them, thus maintaining their long-term financial security. 

The EPFO data is considered crucial as only the formal workforce enjoys social security benefits and is protected by labour laws. 

EPFO added 10.52 lakh new members in July 2024 representing a 2.66 percent increase over June 2024 and a 2.43 percent rise compared to July 2023. This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits and EPFO’s successful outreach programmes, the government said. 

Of the total 10.5 lakh new EPF subscribers in July, the share of young people belonging to the 18-25 age group also increased to 59.41 percent (625,000) from June when 59.1 percent (606,000) of new subscribers were in this age group. This figure is crucial as subscribers in this age group are usually first-timers in the labour market, which reflects its robustness. 

Around 3.05 lakh new female members joined EPFO in July 2024, reflecting a year-over-year growth of 10.94 percent. In total, 4.41 lakh net female members were added, marking the highest monthly addition for women since payroll tracking began, with a 14.41 percent increase compared to July 2023. This indicates a shift towards a more inclusive workforce with growing female participation. 

State-wise contribution 

Among the states, Maharashtra, Karnataka, Tamil Nadu, Haryana and Gujarat accounted for 59.27 percent of the total net member additions in July 2024 collectively adding 11.82 lakh members. Maharashtra occupied the top spot among the states/UTs contributing 20.21 percent of the total new members. 

Industry-wise trends 

Significant membership growth was seen in sectors such as manufacturing, computer services, construction, engineering, banking (non-nationalised), and private sector electronic media. Notably, 38.91 percent of net additions came from expert services, including manpower suppliers, contractors and security services, among others. 

From the month of April-2018, EPFO has been releasing payroll data covering the period September 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll.