The Employees’ Provident Fund Organisation (EPFO) recorded a net addition of 19.94 lakh members in July, marking the highest-ever monthly increase. This growth was driven by substantial additions in five states: Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat, according to official data released on Monday. The EPFO added 10.52 lakh new members in July 2024, reflecting a 2.66 percent increase over June 2024 and a 2.43 percent rise compared to July 2023.
The Ministry of Labour & Employment stated, “This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programmes.”
Nearly 14.65 lakh members who had earlier exited the system rejoined the EPFO in July. This figure represents a 15.25 percent year-on-year increase, indicating that these members opted to transfer their provident fund accumulations rather than withdraw them. The five states accounted for 59.27 percent of the total net member additions in July 2024, collectively adding 11.82 lakh members.
Maharashtra led among the states, contributing 20.21 percent of the total new members. The highest growth was observed in the 18-25 age group, with a net addition of 8.77 lakh during the month under review.
epfo’s highest monthly membership growth
This age group represents 59.41 percent of all new members added in July. Union Minister of Labour & Employment Dr. Mansukh Mandaviya released the provisional payroll data, noting a significant increase in employment figures.
The data reflects a strong upward trend in employment, highlighting the economic recovery and efforts to formalize labour participation in the country. The sharp increase in payroll additions indicates positive developments in the job market and economic policies. Regular tracking of payroll data helps provide insights into employment trends and the effectiveness of government schemes aimed at generating employment opportunities.
July’s data suggests an encouraging movement towards sustained economic growth and a healthier job market in India. The EPFO’s record-breaking net member addition in July 2024 showcases the success of various initiatives and the growing confidence in the organized sector.
- ThePrint.”20L formal jobs created in July, biggest monthly addition to EPFO. 3 lakh women entered job market”.
- DeccanHerald.”EPFO records highest-ever addition of 19.94 lakh in July”.
- TheStatesman.”Payroll additon”.