The Employee Provident Fund Organisation (EPFO) saw an increase in membership with 1.85 million new members added in August, a 9.07% year-on-year growth. This surge in new memberships can be attributed to the rise in employment opportunities and increased awareness of employee benefits thanks to EPFO’s outreach programs.
The data revealed that a majority of the new members added in August were in the 18-25 age group, making up 59.26% of the total. This trend indicates that most individuals joining the organized workforce are young, first-time job seekers.
Furthermore, there was a noticeable increase in the number of female members added in August, with around 253,000 new female members joining, showing a 3.75% growth compared to the previous year. This increase reflects a shift towards a more inclusive and diverse workforce.
Additionally, around 1.35 million members exited and rejoined EPFO in August, a 14.03% growth from the previous year. These members chose to transfer their accumulations to safeguard their long-term financial well-being and extend their social security protection.
State-wise analysis revealed that the top five states or Union territories accounted for 59.17% of the total net member addition, with Maharashtra leading by adding 20.59% of the new members. Other states like Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana, and Uttar Pradesh also saw significant additions to their membership during August.
