The Employees’ Provident Fund Organisation (EPFO) added 1.95 million net members in May, the highest since the first payroll data was issued in April 2018, a release issued by the labour ministry said. The previous record-high net additions to the EPFO was in April, at 1.89 million.
On a y-o-y basis, net member additions during May rose by 19.6%, which can be attributed to several factors, such as “increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs,” the ministry said.
During May, around 985,000 new members enrolled to EPFO, which is 11% more as compared to April 2024, and 11.5% higher than May 2023. Within the new enrollments, 58% were from the age group of 18-25, indicating that most individuals joining the organised workforce are youth, primarily first-time job seekers, said the ministry.
Further, the data showed that of new members added during the month, around 248,000 were females, representing a 12.2% increase as against May 2023. Also, the net female member addition during the month stood at around 369,000, which was up 17.24% on year.
“The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce,” the ministry said.The net member addition was highest in these five states: Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana. These states constitute around 58.24% of net member addition.