Retirement fund body EPFO clocks net additions of nearly 20 lakh in July; catch key takeaways of latest data

Retirement money assemblage EPFO recorded a nett summation of 19.94 lakh members successful July this year, the labour ministry said connected Monday. Union Labour Minister Mansukh Mandaviya said astatine a property league that 10.52 lakh caller oregon first-time workers subscribed to societal information schemes tally by Employees' Provident Fund Organisation (EPFO).

The curate said astir 20 lakh nett caller members summation (19.94 lakh) was recorded successful July this year.

He besides informed that 8.77 lakh members added successful July are successful the property radical of 18-25 years.

Nearly 6.25 lakh members aged betwixt 18-25 years are first-time workers oregon caller joinees, according to the latest data.

About 59.4 per cent of caller joinees autumn successful the 18-25 property bracket.

The information shows that employment of young radical has increased.

He besides informed that 4.41 lakh pistillate members were added by EPFO successful July which includes 3.05 lakh caller joinees. The curate pointed retired that pistillate employment has besides increased.

A labour ministry connection said that EPFO added 10.52 lakh caller members successful July 2024, representing a 2.66 per cent summation implicit June 2024 and a 2.43 per cent emergence compared to July 2023.

This surge successful caller memberships tin beryllium attributed to increasing employment opportunities, accrued consciousness of worker benefits, and EPFO's palmy outreach programmes, it stated.

According to the statement, astir 14.65 lakh members who had exited the strategy rejoined EPFO successful July.

This fig represents a 15.25 per cent year-over-year increase. These members opted to transportation their provident money accumulations alternatively than retreat them, frankincense maintaining their semipermanent fiscal security.

The ministry explained that the highest maturation was observed successful the 18-25 property group, with 8.77 lakh nett additions successful July 2024.

This marks the largest summation for this demographic since records began and reflects the continued inclination of young people, mostly first-time occupation seekers, entering the organized workforce.

This property radical represents 59.41 per cent of each caller members added during the month.

It besides stated that astir 3.05 lakh caller pistillate members joined EPFO successful July 2024, reflecting a year-over-year maturation of 10.94 per cent.

In total, 4.41 lakh nett pistillate members were added, marking the highest monthly summation for women since payroll tracking began, with a 14.41 per cent summation compared to July 2023.

This indicates a displacement towards a much inclusive workforce with increasing pistillate participation.

Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat accounted for 59.27 per cent of the full nett subordinate additions successful July 2024, collectively adding 11.82 lakh members. Maharashtra led among States/UTs, contributing 20.21 per cent of the full caller members.

Significant rank maturation was seen successful sectors specified arsenic manufacturing, machine services, construction, engineering, banking (non-nationalized), and backstage assemblage physics media, it stated.

Notably, 38.91 per cent of nett additions came from adept services, including manpower suppliers, contractors, and information services, among others.

The payroll information is provisional since the information procreation is simply a continuous exercise, arsenic updating worker grounds is simply a continuous process.
The erstwhile information hence gets updated each month.

From April 2018, EPFO has been releasing payroll information covering the play September 2017 onwards.

In monthly payroll data, the number of members joining EPFO for the archetypal clip done Aadhaar validated Universal Account Number (UAN), existing members exiting from sum of EPFO and those who exited but re-joining arsenic members, is taken to get astatine nett monthly payroll.