As per the provisional data, the retirement fund body witnessed a year-on-year increase of 6.4% in net new subscriber addition with 1.87 million net new subscriber added in July 2023.
Month-on-month, net new enrollments under EPFO were up by 19% compared to 1.67 million net new subscribers added in June this year.
Net new subscribers added to EPFO stood at 1.41 million in April, 1.51 million in May and 1.67 million in June this year
As per the data, around 1.05 million new members enrolled during July 2024, which is an increase of 2.9% when compared to July 2023 and June 2024 as the new members added were 1.02 million in both these months.
Further, 59.4% of the total new members or 0.87 million added in July 2024 were in the 18-25 age group. “It denotes the continued trend of young people, mostly first-time job seekers, entering the organized workforce,” the minister said.As per the data, 0.44 million net female members were added to EPFO in July, which is the highest ever monthly addition, while 0.30 million new female members were added in the month under consideration.“It conveys a more inclusive workforce with growing female participation,” the ministry said.
Maharashtra, Karnataka, Tamil Nadu, Haryana, and Gujarat accounted for 59.3% of the total net member additions in July 2024 with Maharashtra alone contributing 20.21% of the total new members.
As per the ministry, month-on-month comparison of industry-wise data shows significant growth in the members in manufacturing, computer services, construction, engineering, banking (non-nationalized), and private sector electronic media.
“38.91% of net additions came from expert services, including manpower suppliers, contractors, and security services, among others,” it said.
The above payroll data is provisional since the data generation is a continuous exercise, as updating employee records is a continuous process.
EPFO has been releasing payroll data from the month of April-2018, covering the period September 2017 onwards.
In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll.
