The Employees’ Provident Fund Organisation (EPFO) has released preliminary payroll figures for August 2024. The net addition for August 2024 was 18.53 lakh members, and this represents a 9.07% year-over-year (YoY) growth. Meanwhile, EPFO adds 9.30 lakh new members in August 2024, up 0.48% year-over-year (YoY).
The significant increase in new memberships is attributable to expanding employment prospects, heightened awareness of employee benefits and effective outreach initiatives by EPFO, according to the government.
The August 2024 EPFO data reveals a pronounced demographic trend, with the 18-25 age bracket accounting for 59.26% of new enrolments. The net payroll data for August 2024 indicates 8.06 lakh enrolments within the 18-25 age bracket.
The EPFO payroll data reveals that in August 2024 around 13.54 lakh members re-joined EPFO after exiting, depicting a 14.03% year-over-year increase. The addition of approximately 2.53 lakh new female members was seen during the month of August 2024. This translates into a year-over-year (YoY) growth of 3.75%. The net female member addition during the month stood at around 3.79 lakh.
EPFO: Top Contributors
A state-wise analysis of EPFO payroll data reveals that the top five states/UTs accounted for 59.17% of total net member additions in August 2024, totalling 10.97 lakh. Maharashtra tops the list, contributing 20.59% of EPFO’s net member additions during the month. The latest data reveals that Maharashtra, Karnataka, Tamil Nadu, Haryana, Delhi, Gujarat, Telangana and Uttar Pradesh, each added more than 5% of total net members during August 2024.
The industry-wise data reveals notable enrolment growth in sectors such as trading, engineering, building and construction, agriculture, and beedi manufacturing etc. Expert services, encompassing manpower suppliers, contractors, security services and miscellaneous activities, accounted for approximately 40.36% of total net membership additions during the month.
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