EPFO added 20L members in July, max since April 2018: Govt

NEW DELHI: Latest data released by ministry of labour shows that EPFO added nearly 20 lakh members in July, which govt claimed is the highest since April 2018. Of them, over 10.5 lakh were new members who enrolled with the retirement fund body.
The ministry attributed the rising enrolments to growing employment opportunities and increased awareness of employee benefits.Data also showed that the highest growth was observed in the 18-25 age group which leads with 8.8 lakh net additions in July, making up over 59% of all new members. Among the states, Maharashtra, Karnataka, Tamil Nadu, Haryana and Gujarat accounted for nearly 60% of the additions in July. Maharashtra alone accounted for over 20% of the new additions.
Releasing EPFO's provisional payroll data of July, labour and employment minister Mansukh Mandaviya had on Monday said EPFO has added 19.9 lakh net members in July. Over 14.6 lakh members who had exited the system rejoined EPFO in July. "This figure represents a 15.2% year-over-year increase. These members opted to transfer their provident fund accumulations rather than withdraw them, thus maintaining their long-term financial security," the ministry said.
Data also shows that around three lakh new female members joined EPFO in July, reflecting a year-on-year growth of 10.9%, labour ministry said. In total, 4.4 lakh net female members were added - this marks a nearly 15% increase compared to July 2023.
Data analysis highlights that significant membership growth was seen in sectors such as manufacturing, computer services, construction, engineering, banking (non-nationalised), and private sector electronic media. Nearly 39% of net additions came from expert services, including manpower suppliers, contractors, and security services, among others.