The number of new members of retirement  fund organization EPFO ​​​​in August increased by 9.07 percent year-on-year to 18.53 lakh. This information was given in the payroll data released on Sunday. A statement from the Ministry of Labor said that EPFO ​​​​added about 9.30 lakh new members in August 2024, an increase of 0.48 percent from August 2023. It said that this jump in new members is due to increasing employment opportunities, increasing awareness about employee benefits and successful outreach programs of EPFO.

Net addition of 18.53 lakh members

According to the provisional payroll data for August, 2024 released by the Employees' Provident Fund Organisation (EPFO), there was a net addition of 18.53 lakh members in August 2024, a growth of 9.07 per cent year-on-year. A notable aspect of the data is the dominance of the 18-25 age group, which accounts for 59.26 per cent of the total new member additions in August, 2024. Further, the net payroll data for the 18-25 age group for August, 2024 was 8.06 lakh. The payroll data shows that about 13.54 lakh members exited and rejoined the EPFO. The figure shows a growth of 14.03 per cent year-on-year. These members changed their jobs and rejoined establishments covered under the EPFO ​​and opted to transfer their accumulations instead of applying for final settlement, thereby protecting long-term financial well-being and expanding their social security.

2.53 lakh new women members

Gender-wise analysis of payroll data shows that about 2.53 lakh of the new members added during the month are female members. This figure is an increase of 3.75 percent year-on-year. Moreover, the net female member addition during the month under review stood at about 3.79 lakh. This reflects a growth of 10.41 percent year-on-year.