The newest provisional EPFO knowledge launched on September 23 confirmed the federal government physique added 19.94 lakh web members in July 2024 recording highest-ever addition in organised workforce since payroll knowledge monitoring started in April 2018.
In response to the federal government knowledge, roughly 14.65 lakh members who had exited the system rejoined EPFO in July. It is a 15.25 p.c year-over-year improve. These members opted to switch their provident fund accumulations slightly than withdraw them, thus sustaining their long-term monetary safety.
The EPFO knowledge is taken into account essential as solely the formal workforce enjoys social safety advantages and is protected by labour legal guidelines.
EPFO added 10.52 lakh new members in July 2024 representing a 2.66 p.c improve over June 2024 and a 2.43 p.c rise in comparison with July 2023. This surge in new memberships could be attributed to rising employment alternatives, elevated consciousness of worker advantages and EPFO’s profitable outreach programmes, the federal government stated.
Of the entire 10.5 lakh new EPF subscribers in July, the share of younger individuals belonging to the 18-25 age group additionally elevated to 59.41 p.c (625,000) from June when 59.1 p.c (606,000) of latest subscribers have been on this age group. This determine is essential as subscribers on this age group are normally first-timers within the labour market, which displays its robustness.
Round 3.05 lakh new feminine members joined EPFO in July 2024, reflecting a year-over-year development of 10.94 p.c. In complete, 4.41 lakh web feminine members have been added, marking the best month-to-month addition for ladies since payroll monitoring started, with a 14.41 p.c improve in comparison with July 2023. This means a shift in the direction of a extra inclusive workforce with rising feminine participation.
State-wise contribution
Among the many states, Maharashtra, Karnataka, Tamil Nadu, Haryana and Gujarat accounted for 59.27 p.c of the entire web member additions in July 2024 collectively including 11.82 lakh members. Maharashtra occupied the highest spot among the many states/UTs contributing 20.21 p.c of the entire new members.
Business-wise traits
Vital membership development was seen in sectors equivalent to manufacturing, pc providers, development, engineering, banking (non-nationalised), and personal sector digital media. Notably, 38.91 p.c of web additions got here from professional providers, together with manpower suppliers, contractors and safety providers, amongst others.
From the month of April-2018, EPFO has been releasing payroll knowledge overlaying the interval September 2017 onwards. In month-to-month payroll knowledge, the depend of members becoming a member of EPFO for the primary time by Aadhaar validated Common Account Quantity (UAN), present 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.
