'Increased Employment Opportunities': EPFO Adds Highest Members Since Payroll Data, More Than Half Are First-Time Job Seekers

Employees’ Provident Fund Organisation (EPFO) added 19.50 lakh net members in May. This is the highest addition since the first payroll data was issued in April 2018.

Of them, 9.85 lakh are new members, marking an increase of 10.96 per cent in the new members from the previous month of April and a Year-on-Year (YoY) increase of 11.5 per cent in May.

Among the new members, 58.37 per cent are from the 18-25 age group. EPFO said this indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers.

Moreover, the net payroll data for the age group 18-25 for May 2024 is the highest since the first payroll data was published. The YoY growth in new female members joining EPFO is 12.15 per cent.

The net female member addition during May stood at around 3.69 lakh reflecting YoY growth of 17.24 per cent compared to May 2023. EPFO said that this indicates workforce is becoming more inclusive and diverse.

The YoY analysis shows a growth of 19.62 per cent in net member additions compared to May 2023. EPFO attributed the surge to increased employment opportunities and growing awareness of employee benefits.

State-wise analysis of payroll data denotes that net member addition is highest in the five states of Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana, constituting around 58.24 per cent of total.