In July 2024, EPFO added 19.94 lakh new members, marking the largest monthly addition to the largest pension scheme for the organised workforce. Read on to know more
he Employees’ Provident Fund Organisation (EPFO) added 19.94 lakh new members in July, the highest-ever monthly increase. This marks the biggest monthly addition to the organized workforce since the government began tracking payroll data in April 2018, union labour and employment minister Mansukh Mandaviya announced on September 23, 2024, while releasing the EPFO’s provisional payroll data.
The EPFO had added 10.52 lakh new members in July 2024, a 2.66 per cent increase over June 2024 and a 2.43 per cent rise compared to July 2023.
“This surge in new memberships can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programmes,” the Ministry of Labour & Employment said in a statement.
In July, nearly 14.65 lakh members who had wixted the pension scheme, rejoined EPFO, a 15.25 per cent increase from the previous year. The highest growth was in Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat, which collectively added 11.82 lakh members. These states accounted for 59.27 per cent of the total net member additions with Maharashtra leading among the States/UTs, contributing 20.21 per cent of the total new members.
The 18-25 age group saw the highest growth, with 8.77 lakh net additions, representing 59.41 per cent of new members.
EPFO
EPFO is one of the world's largest Social Security Organizations with around 7.5 crore active members. Employees in the formal sector contribute up to 12 per cent of their monthly salary to EPF, which is matched by an equal contribution from employers. A portion of the employer's contribution (8.33 per cent) goes to the Employees Pension Scheme (EPS). Members can access their savings and interest at retirement, resignation, or in case of demise.