EPFO Records 5.5 Pc Rise In Net Members At 21.04 Lakh In July

(MENAFN- IANS) New Delhi, Sep 23 (IANS) The Employees' Provident Fund Organisation (EPFO) recorded a net addition of 21.04 lakh members in July this year which represents a 5.55 per cent increase compared to the same month of the previous year -- signifying increased employment opportunities and heightened awareness of employee benefits, according to an official statement issued on Tuesday.

EPFO enrolled around 9.79 lakh new subscribers in July this year. A noticeable aspect of the data is the dominance of the young 18-25 age group most of who are into their first jobs. EPFO added 5.98 lakh new subscribers in the 18-25 age group, constituting a significant 61.06 per cent of the total new subscribers added during the month.

Further, the net payroll addition for the age group 18-25 for July is approximately 9.13 lakh, reflecting a growth of 4.09 per cent increase over the corresponding figure for the same month of the previous year. 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 statement explained.

Approximately 16.43 lakh members, who had exited earlier, rejoined EPFO in July this year. This figure displays a significant 12.12 per cent year-over-year growth compared to July 2024. 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.

Around 2.80 lakhs new female subscribers joined EPFO in July. Further, the net female payroll addition during the month stood at around 4.42 lakh, with a year over year growth of 0.17 per cent. The growth in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce, the statement said.

State-wise analysis of the data indicates that the top five states constitute around 60.85 per cent of net payroll addition, adding a total around 12.80 lakh net payroll during the month. Of all the states, Maharashtra leads with the addition of 20.47 per cent of net payroll numbers during the month.

Maharashtra, Karnataka, Tamil Nadu, Gujarat, Haryana, Delhi, Telangana and Uttar Pradesh individually added more than 5 per cent of the total net payroll during the month, as per the official data.

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