The Employees Provident Fund Organisation has registered a net addition of 19.29 lakh members in June 2024. The Labour Ministry has informed about this on Tuesday, August 20. The EPFO is an organisation under the Ministry of Labour & Employment. The ministry has also stated that a year-over-year analysis showed a 7.86 per cent growth in net member additions compared to June 2023. Year-over-year (YOY) is a frequently used financial comparison for looking at two or more measurable events annually. In the EPFO data for June 2024, employees of the 18-25 age group, constitute a significant 59.14 per cent. It implies that most of the employees employed in the formal sector are youth. They majorly comprise the people who have attained employment for the first time.
According to the Labour Ministry, there are many reasons for the growth in the number of members joining EPFO. It includes increased employment opportunities, awareness about employee benefits and promotional programs of EPFO. Data reveals that around 10.25 lakh new members were added during June 2024. It is 4.08 per cent more than the new members added in May and 1.05 per cent more than in June 2023.
Data on the employees listed on the regular payroll shows that about 14.15 lakh members exited EPFO and later rejoined it. This figure is 11.79 per cent higher on an annual basis compared to June 2023. This figure shows the members who switched their jobs and instead of withdrawing the provident fund, opted to transfer it to their new workplace.
The analysis of data on gender basis shows that out of the new members added during the month, about 2.98 lakh are women. This figure is 5.88 per cent more than that of June 2023. Also, in the month under review, there was a net addition of 4.28 lakh female members, 8.91 per cent more on an annual basis. State-wise analysis of payroll data shows that the increase in net members is highest in Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana. The contribution of these states in the net increase of members is about 61.16 per cent.
