EPFO Adds Nearly 20 Lakh Members

• 24 Sep 2024

On 23rd September 2024, the Labour Ministry reported that the Employees' Provident Fund Organisation (EPFO) recorded a net addition of 19.94 lakh members in July 2024.

• Union Labour Minister announced that 10.52 lakh new or first-time workers enrolled in the EPFO’s social security schemes in July, 2024
• The total net addition of EPFO members for July stood at 19.94 lakh, with the majority being young workers.
• Approximately 8.77 lakh members added in July were in the age group of 18-25 years, reflecting a significant rise in youth employment.
• Around 6.25 lakh members aged 18-25 were first-time workers or new joiners, contributing to 59.4% of the total new additions.
• A total of 4.41 lakh female members were added to EPFO in July, with 3.05 lakh being new joiners, indicating a positive trend in female employment.
• The data suggests a robust increase in young workers entering the formal workforce and availing themselves of social security benefits.
• The EPFO’s pension scheme on higher wages will benefit around 97,000 members, including pensioners.