EPFO records the highest addition of 18.92 lakh net members during the Month of April 2024

EPFO's latest provisional payroll data, released on June 20, 2024, underscores a robust resurgence in India's real estate sector. In April 2024, the organization recorded a record net addition of 18.92 lakh members, marking the highest monthly increase since its inaugural payroll data was published in April 2018. This notable surge represents a substantial 31.29% rise compared to March 2024. YoY analysis reveals a solid 10% growth in net member additions compared to April 2023, indicating sustained expansion within EPFO's membership base.

The demographic breakdown of the data highlights a significant influx of new members, with the 18-25 age group constituting a substantial 55.50% of the total additions in April 2024. This demographic trend underscores the influx of young adults entering the formal workforce, often for the first time. Additionally, approximately 14.53 lakh members exited and rejoined EPFO establishments during the month, reflecting a 23.15% increase from March 2024. This movement suggests ongoing job transitions among EPFO-covered establishments, with members opting for continuity in social security benefits.

Gender-wise, the data shows a notable increase in female participation, with around 2.49 lakh new female members and a 35.06% rise in net female additions compared to March 2024. Geographically, Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana emerged as the top contributors to net member additions, collectively accounting for 58.30% of the total. Maharashtra led the pack with 20.42% of net additions. Industries such as expert services, commercial trading, and engineering sectors saw significant membership growth, with expert services alone contributing 41.41% to the total net additions.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.