The Employees’ Provident Fund Organisation (EPFO) registered a historic addition of 19.50 lakh net members in May 2024. This marks the highest increase since the initiation of payroll data reporting in April 2018.
This figure reflects a substantial 19.62 per cent surge compared to May 2023.
Among the new additions, 9.85 lakh were fresh members, indicating a 10.96 per cent rise from April 2024 and an 11.5 per cent increase from May 2023. A significant majority—over 58 per cent—of these new members fall within the 18-25 age bracket, underscoring the influx of young professionals into the formal workforce.
Moreover, 14.09 lakh members who had previously exited EPFO rejoined in May 2024, marking a notable 23.47 per cent increase year-over-year. This trend suggests a growing preference among employees to transfer their provident fund accounts when changing jobs, rather than withdrawing their savings, thereby enhancing their long-term financial security.
Additionally, the data also highlights a rise in female participation, with 2.48 lakh new female members added in May 2024—a 12.15 per cent uptick from May 2023. Overall, the net addition of female members stood at 3.69 lakh, reflecting a robust 17.24 per cent annual growth. Clearly, there’s progress in the right direction in terms of inclusivity.
Geographically, Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana led the net member additions, collectively contributing 58.24 per cent of the total, with Maharashtra alone accounting for 18.87 per cent. Furthermore, several industries witnessed significant growth in membership, including expert services, construction, garment manufacturing, textiles, engineering, trade, and electronic media. Expert services, encompassing sectors such as manpower supply and security services, constituted 42.33 per cent of the new members.
