EPFO records highest membership in May 2024; 18-25 age group dominates | Biz News

Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana saw the highest net addition of new members, accounting for 58.24% of the total new members as of May 2024.

Of the new members added in May 2024, about 2.48 lakh were women. (Image: Deposit Photos)

New Delhi: Pension fund body EPFO ​​has recorded the highest net addition of 19.50 lakh members in May 2024, the labour ministry said on Saturday. The addition during the month is the highest since the first payroll data was released in April 2018, the ministry said in a statement. The ministry said a year-on-year analysis showed a growth of 19.62 per cent in net addition of members compared to May 2023.

EPFO: How many members have registered?

This increase in membership can be attributed to a number of factors including increased employment opportunities, growing awareness of employee benefits and effectiveness of EPFO’s outreach programmes, it said. The data indicates that around 9.85 lakh new members have enrolled in May 2024. There is an increase of 10.96 per cent in the new members over the previous month of April 2024 and an increase of 11.5 per cent over the previous year May 2023.

Dominance of the 18-25 age group

A striking aspect of the data is the dominance of the 18-25 age group, which constitutes a significant percentage of 58.37 percent of the total number of new members as of May 2024. This is in line with the earlier trend that most of those entering the organized labor force are young people, mainly first-time job seekers, it said.

Moreover, the net payroll data for the 18-25 age group for May 2024 is the highest since the first payroll data was published. The payroll data showed that around 14.09 lakh members left EPFO ​​and subsequently rejoined. This figure shows a year-on-year growth of 23.47 per cent compared to May 2023.

These members switched jobs and re-joined the institutions under the purview of EPFO ​​and opted to transfer their accumulations instead of applying for a permanent settlement, thereby ensuring their long-term financial well-being and expanding their social security protection. A gender analysis of payslip data revealed that of the new members added during the month, around 2.48 lakh were female members. This figure showed a year-on-year growth of 12.15 per cent compared to May 2023.

How many female members are there?

Additionally, the net addition of female members in the month was around 3.69 lakh, reflecting a year-on-year growth of 17.24 per cent compared to May 2023. The increase in female membership is indicative of a broader shift towards a more inclusive and diverse workforce.

Analysis of payroll data on a state-by-state basis revealed that net membership gain is highest in the five states/UTs of Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana. These states account for about 58.24 per cent of the net membership gain, with a total of 11.36 lakh net members during the month. Among all the states, Maharashtra stands on top with a net membership gain of 18.87 per cent during the month.