The Employee Provident Fund Organization (EPFO), India’s retirement fund body, recorded a significant milestone in May 2024 by adding 19.50 lakh new members. This remarkable figure represents the highest net addition since April 2018, when the first payroll data was released, highlighting a positive trend in the Indian workforce. The Ministry of Labour and Employment attributed this growth to various factors, including increased employment opportunities, rising awareness about the importance of financial security through EPFO schemes, and the organization’s successful outreach programs. Notably, the net member additions in May 2024 saw a 19.62 percent year-on-year growth compared to the same period in 2023.
A deeper analysis of the data reveals that 9.85 lakh new members joined the EPFO in May 2024, demonstrating a 10.96 percent increase from the previous month, April 2024. Furthermore, the age group of 18 to 25 years dominated the new additions, comprising 58.37 percent of the total. This suggests that a significant proportion of the new members are first-time job seekers, representing the burgeoning youth workforce entering the workforce.
The payroll data also highlights a significant aspect of workforce mobility. In May 2024, 14.09 lakh members exited and rejoined the EPFO, signifying a 23.47 percent year-on-year growth in this category. This trend indicates that individuals are actively pursuing better career opportunities and seeking long-term financial well-being and social security protection through EPFO membership.
Another noteworthy observation is the increasing participation of women in the workforce. The payroll data revealed that 2.48 lakh members were female, marking a 12.15 percent year-on-year increase. The net female addition in May 2024 stood at 3.69 lakh, demonstrating a positive trend in the diversity of the corporate workforce.
Geographically, Maharashtra led the way in net member additions, followed by Karnataka, Tamil Nadu, Gujarat, and Haryana. These five states collectively accounted for 58.24 percent of the total net member addition in May 2024, reflecting their significant contribution to the growth of the Indian workforce.
