New Delhi [India], July 20 : The Employees' Provident Fund Organisation (EPFO) has said that it has added 19.50 lakh net members in May 2024 with around 9.85 lakh new additions, the Union Ministry of Labour and Employment said on Saturday.
The 9.85 lakh new additions is the highest since the first payroll data of the organization was issued in April 2018.
The data indicates that around 9.85 lakh new members have been added during May, an increase of 10.96 per cent in the new members from the previous month of April 2024 and an 11.5 per cent increase from the previous year May 2023.
The year-over-year data shows a growth of 19.62 per cent in net member additions compared to the same period last year.
The EPFO noted that the increase in the new additions has been registered due to the increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programs.
According to the data employees between the 18-25 age group constituted a significant 58.37 per cent of the total new members added in May 2024.
This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.
In addition, the net payroll data for the age group 18-25 for May 2024 is the highest since the first payroll data was published.
The payroll data highlights that approximately 14.09 lakh members exited and subsequently re-joined EPFO, as per the release. This figure depicts year-over-year growth of 23.47 per cent compared to May 2023. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus, safeguarding long-term financial well-being and extending their social security protection.
The share of women in new members stood around 2.48 lakh, a decrease from April's 2.49 lakh.
However, a 12.15 per cent increase has been observed year on year basis in the edition of women members.
The net female member addition during the month stood at around 3.69 lakh reflecting year-over-year growth of 17.24 per cent compared to May 2023. The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.
Statewise, Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana added the highest number of members. These states constitute around 58.24 per cent of net member addition, adding a total of 11.36 lakh net members during the month. Of all the states, Maharashtra is leading by adding 18.87 per cent of net members during the month.
The industries such as expert services, the building and construction industry, garments making, textiles, engineering products and contractors, trading commercial establishments, beedi making, and electronic media companies stood ahead of other industries in terms of members' additions.
The expert services, consisting of manpower suppliers, normal contractors, and security services added a total of 42.33 per cent of total net membership, the EPFO said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor