Retirement fund physique EPFO recorded a web addition of 19.94 lakh members in July this 12 months, the labour ministry stated on Monday. Union Labour Minister Mansukh Mandaviya stated at a press convention that 10.52 lakh new or first-time employees subscribed to social safety schemes run by Workers’ Provident Fund Organisation (EPFO).
The minister stated nearly 20 lakh web new members addition (19.94 lakh) was recorded in July this 12 months.
He additionally knowledgeable that 8.77 lakh members added in July are within the age group of 18-25 years.
Almost 6.25 lakh members aged between 18-25 years are first-time employees or new joinees, in accordance with the newest information.
About 59.4 per cent of latest joinees fall within the 18-25 age bracket.
The info exhibits that employment of younger individuals has elevated.
He additionally knowledgeable that 4.41 lakh feminine members had been added by EPFO in July which incorporates 3.05 lakh new joinees. The minister identified that feminine employment has additionally elevated.
A labour ministry assertion stated that EPFO added 10.52 lakh new members in July 2024, representing a 2.66 per cent enhance over June 2024 and a 2.43 per cent rise in comparison with July 2023.
This surge in new memberships may be attributed to rising employment alternatives, elevated consciousness of worker advantages, and EPFO’s profitable outreach programmes, it said.
Based on the assertion, roughly 14.65 lakh members who had exited the system rejoined EPFO in July.
This determine represents a 15.25 per cent year-over-year enhance. These members opted to switch their provident fund accumulations quite than withdraw them, thus sustaining their long-term monetary safety.
The ministry defined that the very best progress was noticed within the 18-25 age group, with 8.77 lakh web additions in July 2024.
This marks the most important enhance for this demographic since data started and displays the continued pattern of younger individuals, principally first-time job seekers, getting into the organized workforce.
This age group represents 59.41 per cent of all new members added through the month.
It additionally said that round 3.05 lakh new feminine members joined EPFO in July 2024, reflecting a year-over-year progress of 10.94 per cent.
In whole, 4.41 lakh web feminine members had been added, marking the very best month-to-month addition for girls since payroll monitoring started, with a 14.41 per cent enhance in comparison with July 2023.
This means a shift in direction of a extra inclusive workforce with rising feminine participation.
Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat accounted for 59.27 per cent of the overall web member additions in July 2024, collectively including 11.82 lakh members. Maharashtra led amongst States/UTs, contributing 20.21 per cent of the overall new members.
Important membership progress was seen in sectors reminiscent of manufacturing, laptop companies, building, engineering, banking (non-nationalized), and personal sector digital media, it said.
Notably, 38.91 per cent of web additions got here from knowledgeable companies, together with manpower suppliers, contractors, and safety companies, amongst others.
The payroll information is provisional for the reason that information technology is a steady train, as updating worker file is a steady course of.
The earlier information therefore will get up to date each month.
From April 2018, EPFO has been releasing payroll information masking the interval September 2017 onwards.
In month-to-month payroll information, the rely of members becoming a member of EPFO for the primary time by means of Aadhaar validated Common Account Quantity (UAN), current members exiting from protection of EPFO and people who exited however re-joining as members, is taken to reach at web month-to-month payroll.
