EPFO Adds Record 19.50 Lakh Members In May 2024
This marks the largest increase since the release of payroll data began in April 2018. This represents a 19.62% rise compared to the previous year
In May 2024, the Employees’ Provident Fund Organisation (EPFO) achieved a record high by adding 19.50 lakh net members, marking the largest increase since the release of payroll data began in April 2018. This represents a 19.62 per cent rise compared to the previous year.
Among the new additions, 9.85 lakh were first-time members, showing a 10.96 per cent increase from April 2024 and an 11.5 per cent rise from May 2023. Notably, over 58 per cent of these new members are in the 18-25 age bracket, indicating a strong influx of young workers into the formal job market.
Additionally, 14.09 lakh members who had previously left EPFO rejoined in May 2024, reflecting a 23.47 per cent increase from the previous year. This trend suggests that many workers are opting to transfer their provident fund accounts rather than withdraw their savings, which supports their long-term financial security.
The data also highlights a boost in female participation, with 2.48 lakh new female members joining in May 2024, a 12.15 per cent increase from the same month in 2023. The total net addition of female members reached 3.69 lakh, marking a 17.24 per cent year-over-year growth and indicating progress toward a more inclusive workforce.
Geographically, Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana led the additions, collectively accounting for 58.24 per cent of the new members, with Maharashtra alone contributing 18.87 per cent.
Industries experiencing notable membership growth include expert services, building and construction, garment making, textiles, engineering, trading, and electronic media. Expert services, encompassing manpower suppliers and security services, constituted 42.33 per cent of the new members.
EPFO’s payroll data, which has been updated monthly since April 2018, includes information on new members with Aadhaar-validated Universal Account Numbers (UAN), existing members exiting, and those rejoining, providing a comprehensive view of net monthly payroll changes.
