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EPFO enrolls 1.9 million net members in April, up 31% from March
Photo courtesy: File image/UNI

EPFO enrolls 1.9 million net members in April, up 31% from March

| @indiablooms | 20 Jun 2024, 10:52 pm

New Delhi: The retirement body EPFO enrolled 1.9 million net members in April this year, registering an over 31 percent increase from the previous month’s count, according to provisional payroll data released on Thursday.

“An increase of 31.29 per cent has been registered in net member addition during the current month as compared to the previous month of March 2024,” said the labour ministry in a statement. Around 887,000 new members had enrolled in April 2024.

A noteworthy characteristic of the data is the prominence of the 18-25 age group, forming a substantial 55.50 percent of the total new members included in April 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. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs,” the statement by the labour ministry said.

The payroll data highlights that approximately 1.45 million members exited and subsequently re-joined EPFO.

These members switched jobs and re-joined establishments covered under the ambit of EPFO, opting to transfer their accumulations instead of applying for final settlement.

This decision safeguards their long-term financial well-being and extends their social security protection.

A gender-wise analysis of the payroll data reveals that out of 887,000 new members added in March, around 249,000 were new female members.

Additionally, the net female member addition during the month stood at approximately 391,000, reflecting an increase of about 35.06 percent compared to March 2024.

The surge in female member additions indicates a broader shift towards a more inclusive and diverse workforce.

A state-wise analysis of the payroll data shows that net member addition was highest in the five states/UTs of Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. These states accounted for around 58.30 percent of net member additions, adding a total of 1.1 million net members during the month.

“The above payroll data is provisional since the data generation is a continuous exercise, as updating employee records is a continuous process. The previous data hence gets updated every month. 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," the statement by labour ministry also said.

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