NEW DELHI, JUNE 20 :  Retirement fund manager Employees’ Provident Fund Organisation (EPFO) added 18.92 lakh net members in the month of April 2024, according to provisional payroll data released on Thursday.

The year-on-year analysis shows a growth of 10% in net member additions in April this year.
“This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programs,” Ministry of Labour & Employment said in a statement.

The provisional payroll data indicates that around 8.87 lakh new members were enrolled during April 2024.
“A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 55.50% of the total new members added in April 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,” the official release said.

As per the official data, about 14.53 lakh members exited and subsequently rejoined EPFO in April this year. 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.

“Gender-wise analysis of payroll data unveils that out of 8.87 lakh new members, around 2.49 lakh are new female members. Also, the net female member addition during the month stood at around 3.91 lakh reflecting an increase of approximately 35.06% compared to the previous month of March 2024. The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce,” the official release said.(UNI)